Document:

EXHIBIT 10.04

                                 NESTOR PARTNERS
                       (A New Jersey Limited Partnership)
               Private Placement of Limited Partnership Interests

                                SELLING AGREEMENT

                                                               [AGREEMENT DATE]

[SELLING AGENT NAME].

Ladies and Gentlemen:

                  Millburn Ridgefield Corporation, a Delaware corporation
(referred to herein in its individual corporate capacity and as general partner
as the "General Partner"), and various limited partners have caused the
formation of a limited partnership pursuant to the Revised Uniform Limited
Partnership Act of the State of New Jersey (the "New Jersey Act") under the name
Nestor Partners (the "Partnership"), for the purpose of engaging in speculative
trading of commodity futures and forward contracts, commodity options and other
commodity interests.

                  The Partnership desires to increase the capital of the
Partnership as herein provided, by the sale of limited partnership interests in
the Partnership (the "Interests"), the purchasers of which will become limited
partners ("Limited Partners") in the Partnership.

                  The General Partner confirms as follows its agreement with you
as a selling agent (the "Selling Agent"), with respect to the offering by the
Partnership through you, the General Partner and any other additional selling
agents of the Interests to "accredited investors" in a continuous offering
exempt from registration under the Securities Act of 1933, as amended, pursuant
to Section 4(2) thereof and Regulation D promulgated thereunder (together, the
"1933 Act"), as described in the Private Placement Memorandum and Disclosure
Document dated [DATE OF PPM], as supplemented or amended from time to time (the
"Offering Memorandum"). The Selling Agent agrees to become a selling agent and,
for the benefit of the Partnership, to use reasonable efforts to find purchasers
acceptable to the General Partner for the Interests on the terms provided
herein. The Selling Agent understands that its authority to offer and sell
Interests may be limited, from time to time, by and in the discretion of the
General Partner.

                  The terms used herein shall have the meanings ascribed to them
in the Offering Memorandum unless otherwise defined herein or unless the context
indicates otherwise. If the Offering Memorandum is amended or supplemented, the
term "Offering Memorandum" as used herein shall mean the Offering Memorandum as
so amended or supplemented, unless the context otherwise requires.

<PAGE>

                  Section 1. REPRESENTATIONS AND WARRANTIES OF THE GENERAL
PARTNER. The General Partner represents and warrants to the Selling Agent as
follows:

                  (a) The Partnership has duly prepared and authorized the use
         of the Offering Memorandum (including the Appendix and Exhibit thereto)
         The Offering Memorandum contains all statements and information
         required to be included therein by the Commodity Exchange Act, as
         amended and the rules and regulations promulgated thereunder (together,
         the "Commodity Act") and the 1933 Act.

                  (b) All action required to be taken by the General Partner and
         the Partnership as a condition to the sale of the Interests to
         qualified subscribers therefor has been taken; and, upon payment of the
         consideration therefor specified in all accepted Subscription
         Agreements and Powers of Attorney, the Interests will constitute valid
         limited partnership interests in the Partnership.

                  (c) The Partnership is a limited partnership duly organized
         and validly existing under the laws of the State of New Jersey with
         full power and authority to engage in the business to be conducted by
         it, as described in the Offering Memorandum.

                  (d) The General Partner is a corporation duly organized,
         validly existing and in good standing under the laws of the State of
         Delaware and in each other jurisdiction in which the nature or conduct
         of its business requires such qualification and the failure to so
         qualify would materially adversely affect the Partnership or the
         General Partner's ability to perform its obligations hereunder.

                  (e) The Partnership and the General Partner have full
         partnership or corporate power and authority under applicable law to
         perform their respective obligations under the Limited Partnership
         Agreement and this Agreement, as described in the Offering Memorandum.

                  (f) Each of this Agreement and the Limited Partnership
         Agreement has been duly and validly authorized, executed and delivered
         by the General Partner on behalf of the General Partner and the
         Partnership and constitutes a valid, binding and enforceable agreement
         of the General Partner and the Partnership in accordance with its
         terms.

                  Section 2.  OFFERING AND SALE OF INTERESTS.

                  (a) The Selling Agent is hereby appointed a selling agent of
         the Partnership on a non-exclusive basis, during the term herein
         specified for the purpose of finding acceptable subscribers who are
         "accredited investors" (as defined in the 1933 Act) through a private
         placement. Subject to the performance by the General Partner of its
         obligations to be performed hereunder and to the completeness and
         accuracy in all

                                      -2-
<PAGE>

          material respects of all the representations and warranties of the
          General Partner, contained herein, the Selling Agent hereby accepts
          such agency and agrees on the terms and conditions herein set forth to
          use reasonable efforts during the term hereof to find acceptable
          subscribers for the Interests, subscriptions being made in multiples
          of $1,000 with the minimum subscription being $25,000. It is
          understood that the Selling Agent's agreement to use reasonable
          efforts to find acceptable subscribers for the Interests shall not
          prevent it from acting as a selling agent or underwriter for the
          securities of other issuers which may be offered or sold during the
          term hereof. The agency hereunder shall continue until the termination
          of this Agreement.

                  No selling commissions will be paid from the proceeds of sales
         of Interests. The General Partner will pay the Selling Agent,
         commencing with the first full month following the sale of each
         Interest in an amount equal to the sum of 0.2083333 of 1% of the
         month-end value of such Interest for each month during that quarter (a
         2.50% annual rate) with respect to each outstanding Interest sold by
         the Selling Agent. Accruals will begin with the first full month after
         such Interests are sold and will be made only in respect of Interests
         which remain outstanding at the end of the relevant month (including
         Interests redeemed as of such month-end). The Selling Agent may, but
         only with the prior consent of the General Partner, agree to a
         reduction in the brokerage commission to be paid to the General Partner
         with respect to a particular Interest. In the event the Selling Agent
         agrees to such a reduction the selling Commission and the ongoing
         payments specified above will be proportionately reduced with respect
         to such Interest.

                  (b) Interests (as well as additional subscriptions for
         existing Limited Partners) will be offered as of the close of business
         on the last business day of each month (each a "Closing Date"). At
         10:00 A.M. on each Closing Date, payment of the purchase price for the
         acceptable subscription received in respect of such closing Date shall
         be made by the General Partner depositing any checks with respect to
         acceptable subscriptions to the Partnership's account or by wire
         transfer to the Partnership's accounts, or at such other place or time
         as shall be agreed upon between the General Partner and the Selling
         Agent.

                  (c) in connection with the offer and sale of the interests,
         the Selling Agent represents and agrees that it does and will comply
         fully with all applicable laws, and the rules of the National
         Association of Securities Dealers, Inc., the Securities and Exchange
         Commission, state securities administrators and any other regulatory
         body. The Selling Agent shall not execute any sale of an Interest from
         a discretionary account over which it has control without prior written
         approval of the customer in whose name such discretionary account is
         maintained.

                  The Selling Agent agrees not to recommend the purchase of an
         Interest to any subscriber unless the Selling Agent shall have
         reasonable grounds to believe, on the basis of information obtained
         from the subscriber concerning, among other things, the subscriber's
         investment objectives, other investments, financial situation and
         needs, that

                                      -3-
<PAGE>

          the subscriber (i) is an "accredited investor" within the meaning of
          the 1933 Act, (ii) can afford to bear the risk of a total loss of the
          subscriber's investment in the Partnership, (iii) has sufficient
          financial knowledge and experience to be capable of evaluating the
          risks and merits of an investment in the Partnership (either alone or
          together with such subscriber's financial adviser(s), other than an
          employee of the Selling Agent) and (iv) otherwise qualifies as an
          acceptable subscriber on the basis set forth in the Offering
          Memorandum. In addition, the Selling Agent agrees to comply with the
          selling procedures set forth in the Exhibit hereto (the "Selling
          Procedures").

                  The Selling Agent represents and warrants that it is
         registered as a broker-dealer and is a member in good standing of the
         National Association of Securities Dealers, Inc. and that it has, among
         other things, had the opportunity to examine the Offering Memorandum
         and obtain additional information from the General Partner regarding
         the information set forth therein. In connection with making the
         representations and warranties set forth in this paragraph, the Selling
         Agent has not relied on inquiries made by or on behalf of any other
         parties.

                  The Selling Agent agrees to inform all prospective purchasers
         of Interests of all pertinent facts relating to the liquidity and
         marketability of the Interests as set forth in the Offering Memorandum.

                  (d) None of the Selling Agent, the Partnership or the General
         Partner shall, directly or indirectly, pay or award any finder's fees,
         commissions or other compensation to any person engaged by a potential
         investor for investment advice as an inducement to such advisor to
         advise or recommend the purchase of an Interest; provided, however, the
         normal sales commissions payable to a registered broker-dealer or other
         properly licensed person for selling Interests shall not be prohibited
         hereby.

                  (e) Payments for subscriptions may be made by wire transfers
         from subscribers, Selling Agent customer securities accounts or by
         check drawn on an appropriate account of the Selling Agent.

                  (f) Upon request, the General Partner will cause its counsel
         to prepare and deliver to the Selling Agent a Blue Sky Survey which
         shall set forth, for the guidance of the Selling Agent, the United
         States jurisdictions in which the Interests may be offered and sold. It
         is understood and agreed that the Selling Agent may rely, in connection
         with the offering and sale of Interests in any jurisdiction, on advice
         given by such counsel as to the legality of the offer or sale of the
         Interests in such jurisdiction; provided, however, that the Selling
         Agent shall be responsible for compliance with all applicable laws,
         rules and regulations with respect to the actions of its employees,
         acting as such, in connection with sales of Interests in any
         jurisdiction.

                  Section 3.  COVENANTS OF THE GENERAL PARTNER.

                                      -4-
<PAGE>

                  (a) The General Partner will notify the Selling Agent of the
         issuance by the CFTC or any other Federal or state regulatory body of
         any order suspending the effectiveness of the CFTC registration or NFA
         membership of the General Partner as a commodity pool operator, of the
         exemption of the Interests under the Blue Sky or securities laws of any
         state or other jurisdiction, of the issuance of or any order or decree
         enjoining the offering or the use of the then current Offering
         Memorandum, or of the institution, or notice of the intended
         institution, of any action or proceeding for that purpose.

                  (b) The General Partner will deliver to the Selling Agent as
         promptly as practicable from time to time such number of copies of the
         Offering Memorandum as the Selling Agent may reasonably request
         pursuant to the Selling Procedures.

                  (c) The General Partner will amend or supplement the Offering
         Memorandum from time to time as is necessary, in its opinion, to comply
         with the 1933 Act and the Commodity Act and will furnish to the Selling
         Agent, at the expense of the General Partner, a reasonable number of
         copies of such amendments or supplements pursuant to the Selling
         Procedures.

                  Section 4. PAYMENT OF EXPENSES AND FEES. In connection with
the initial offering of Interests, the General Partner will pay all expenses
incident to the performance of the obligations of the General Partner and the
Partnership hereunder, including: (i) the printing or reproduction and delivery
to the Selling Agent in quantities as hereinabove stated of copies of the
Offering Memorandum and all amendments or supplements thereto and of any
supplemental sales materials; (ii) the reproduction of this Agreement and the
printing or reproduction and filing of the Memorandum with the CFTC and NFA;
(iii) the exemption of the offer and sale of the Interests under the securities
or "Blue Sky" laws in the various jurisdictions, including filing fees and the
fees and disbursements of the General Partner's counsel incurred in connection
therewith; (iv) the services of counsel and accountants for the General Partner
and the Partnership; and (v) the printing or reproduction and delivery to the
Selling Agent of such number of copies as it may reasonably request of the Blue
Sky Survey. Other than as set forth above, each party hereto shall bear its own
expenses relating hereto and to the offering of the Interests.

                  Section 5.  INDEMNIFICATION AND EXCULPATION; LIABILITY.

                  (a) INDEMNIFICATION BY THE GENERAL PARTNER. The General
         Partner agrees to indemnify and hold harmless the Selling Agent, and
         each person, if any, who controls any of the foregoing within the
         meaning of Section 15 of the 1933 Act, as follows:

                           (i) against any and all loss, liability, claim,
                  damage and expense whatsoever (including fees and
                  disbursements of counsel) arising out of any untrue statement
                  of a material fact contained in the Offering Memorandum (or
                  any

                                      -5-
<PAGE>

                  amendment or supplement thereto) or any omission therefrom of
                  a material fact required to be stated therein or necessary in
                  order to make the statements therein, in the light of the
                  circumstances under which they were made, not misleading; and

                           (ii) against any and all loss, liability, claim,
                  damage and expense whatsoever (including the fees and
                  disbursements of counsel) to the extent of the aggregate
                  amount paid in settlement of any litigation, or any
                  investigation or proceeding by any governmental agency or body
                  commenced or threatened, or of any claim whatsoever based upon
                  any such untrue statement or omission(any settlement to be
                  subject to indemnity hereunder only if effected with the
                  written consent of the General Partner).

         In no case shall the General Partner be liable under this indemnity
         agreement with respect to any claim made against any indemnified party
         unless the General Partner shall be notified in writing of the nature
         of the claim within a reasonable time after the assertion thereof, but
         failure so to notify the General Partner shall not relieve the General
         Partner from any liability which it may have otherwise than on account
         of this indemnity agreement. The General Partner shall be entitled to
         participate at its own expense in the defense or, if it so elects
         within a reasonable time after receipt of such notice, to assume the
         defense of the pertinent portion of any suit so brought for which an
         indemnified party has claimed that indemnification may be due from the
         General Partner, which defense shall be conducted by counsel chosen by
         it and satisfactory to the indemnified party or parties, defendant or
         defendants therein. In the event that the General Partner elects to
         assume the defense of any such suit and retain such counsel, the
         indemnified party or parties, defendant or defendants in the suit,
         shall bear the fees and expenses of any additional counsel thereafter
         retained by it or them.

                  The General Partner agrees to notify the Selling Agent within
         a reasonable time of the assertion of any claim in connection with the
         sale of the Interests against it or any of its officers or directors or
         any person who controls the General Partner within the meaning of
         Section 15 of the 1933 Act.

                  (b) INDEMNIFICATION BY THE SELLING AGENT. The Selling Agent
         agrees to indemnify and hold harmless the General Partner and the
         Partnership and each person, if any, who controls the Partnership or
         the General Partner within the meaning of Section 15 of the 1933 Act
         (and, in the case of the General Partner, each principal of the General
         Partner), to the same extent as the indemnity from the General Partner
         set forth in Section 5(a) hereof, but only insofar as the losses,
         claims, damages, liabilities or expenses indemnified against arise out
         of a material breach by the Selling Agent of its representations,
         warranties, obligations and undertakings expressly set forth herein.

                  (c) Each party shall be under no liability to the other except
         for obligations expressly assumed by it in this Agreement and except to
         act in good faith.

                                      -6-
<PAGE>

                  Section 6. STATUS OF PARTIES. In selling the Interests for the
Partnership, the Selling Agent is acting solely as agent for the Partnership and
not as principal. The Selling Agent will use its best efforts to assist the
Partnership in obtaining performance by each purchaser whose offer to purchase
Interests from the Partnership has been accepted on behalf of the Partnership,
but the Selling Agent shall not have any liability to the Partnership in the
event that Subscription Agreements and Powers of Attorney signature pages are
improperly completed or any such purchase is not consummated for any reason.

                  Section 7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO
SURVIVE DELIVERY. All representations, warranties and agreements contained in
this Agreement shall remain operative and in full force and effect, regardless
of any investigation made by, or on behalf of, the Selling Agent, the General
Partner, the Partnership, or any person who controls any of the foregoing, and
shall survive each Closing Date in the form restated and reaffirmed as of such
Closing Date.

                  Section 8. TERMINATION. This Agreement may be terminated by
either the General Partner or the Selling Agent on any month-end by such party
giving ten days notice to the other parties hereto to such effect. No such
termination shall relieve the General Partner from its obligations under Section
2(a) hereof unless the termination is based on the Selling Agent's breach of its
obligations under this Agreement.

                  Section 9. NOTICES AND AUTHORITY TO ACT. All communications
hereunder shall be in writing and sent to the General Partner or the Partnership
at: 411 West Putnam Avenue, Greenwich, Connecticut 06830; and to the Selling
Agent at the address on the cover hereof, as the same may be changed by written
notice to all parties. Notices shall be effective when actually received.

                  Section 10. PARTIES. This Agreement shall inure to the benefit
of and be binding upon the Selling Agent, the Partnership, the General Partner
and such parties' respective successors to the extent provided herein. This
Agreement and the conditions and provisions hereof are intended to be and are
for the sole and exclusive benefit of the parties hereto and their respective
successors, assigns and controlling persons and parties indemnified hereunder,
and for the benefit of no other person, firm or corporation. No purchaser of an
Interest shall be considered to be a successor or assign solely on the basis of
such purchase.

                  Section 11. GOVERNING LAW; WAIVER OF JURY TRIAL. This
Agreement and the rights and obligations of the parties created hereby shall be
governed by the laws of the State of New York, without regard to principals of
conflicts of law. Each party hereby irrevocably waives any and all rights to
trial by jury in any legal proceeding arising out of or relating to this
Agreement.

                  Section 12. REQUIREMENTS OF LAW. Whenever in this Agreement it
is stated that a party will take or refrain from taking a particular action,
such party may nevertheless refrain from taking or take such action if advised
by counsel that doing so is required by law or advisable to

                                      -7-
<PAGE>

ensure compliance with law, and shall not be subject to any liability hereunder
for doing so, although such action shall permit termination of the Agreement by
the other parties hereto.

                                      -8-
<PAGE>

                  If the foregoing is in accordance with each party's
understanding of their agreement, each party is requested to sign and return to
the General Partner a counterpart hereof, whereupon this instrument along with
all counterparts will become a binding agreement among them in accordance with
its terms.

                                      Very truly yours,

                                      NESTOR PARTNERS

                             By:      Millburn Ridgefield Corporation,
                                      General Partner

                                      By:________________________________
                                               Name:  GEORGE E. CRAPPLE
                                               Title:  Co- CHAIRMAN

                                      MILLBURN RIDGEFIELD CORPORATION

                                      By:________________________________
                                               Name:  GEORGE E. CRAPPLE
                                               Title:  Co CHAIRMAN

Confirmed and accepted as of
the date first above written:

[NAME OF SELLING AGENT]

By:  ________________________
         Name:
         Title:

                                      -9-
<PAGE>

                                                                         EXHIBIT

                               SELLING PROCEDURES

                  In addition to complying with applicable law and the selling
practices set forth in the attached Selling Agreement, the Selling Agent shall
follow the following selling procedures in marketing Interests in the
Partnership. Each capitalized term used but not defined herein has the meaning
set forth in the Selling Agreement.

                  1. Interests shall be offered and sold only to "accredited
investors" as defined in SEC Regulation D. In addition, each offeree must have a
pre-existing substantive relationship with the Selling Agent and otherwise be an
eligible offeree for the Interests on the basis set forth in the Memorandum. The
General Partner retains the right to reject any subscription.

                  2. For each offeree, the General Partner will deliver to the
Selling Agent a copy of the Memorandum (numbered and with the offeree's name
inserted) together with any approved sales brochure, any supplement(s) to the
Memorandum, Subscription Agreements, the Fund's most recent annual report
(included in the Memorandum) and monthly report and any additional material
required by applicable blue sky law (collectively, the "Solicitation Material").
The Selling Agent shall deliver all Solicitation Material to the offeree at or
prior to the initial solicitation of the offeree for the Partnership. The
Selling Agent shall not duplicate the Solicitation Material, shall not utilize
any promotional material regarding the Partnership except the Solicitation
Material and shall not make any oral or written representations to investors or
prospective investors not contained in the Solicitation Material, in each case
unless approved in writing by the General Partner.

                  3. The Memorandum may only be used for nine months from its
date (unless supplemented by the General Partner). After distributing
Solicitation Material to an offeree, the Selling Agent will forward to the
offeree, at or prior to the time the offeree returns Subscription Agreements,
all subsequent supplements to the Memorandum and all subsequent annual and
monthly reports for the Partnership.

                  4. All Subscription Agreements shall be returned by
prospective investors to the Selling Agent. Upon receipt, the Selling Agent
shall (a) confirm that the investor is the person to whom the Solicitation
Material was sent, (b) confirm that the Memorandum (as supplemented) on the
basis of which the prospective investor subscribed is dated within nine months
of the proposed closing date, (c) confirm that the Subscription Agreement has
been fully completed and properly executed and is consistent with the
information in the Selling Agent's records concerning the proposed investor, (d)
confirm that the proposed investor is an accredited investor and the investment
is otherwise suitable for the investor, and (e) in the case of an entity
investor, confirm that the required supporting documentation has been received
and authorizes the proposed investment in the Partnership.

                                      -10-
<PAGE>

                  5. Properly completed and executed Subscription Agreements
shall be forwarded to the General Partner. Unless otherwise agreed, such
Subscription Agreements must be received by the General Partner at least five
full business days prior to the proposed closing date. Late Subscription
Agreements may be held over until the next closing date. Subscription amounts
must be received by check or wire transfer from the Selling Agent in the Fund's
account prior to the closing date.

                  6. The Selling Agent shall not employ any general means of
solicitation (e.g., no cold calls, large group meetings, seminars or
advertisements).

                  7. The Selling Agent shall keep a log for the Partnership of
offerees (including name, address, broker, number of Memorandum and date sent).
The Selling Agent shall also keep a file for each offeree consisting of
Subscription Agreements and documentation of the distribution of Solicitation
Material. Such logs and files shall be available for inspection by the General
Partner during regular business hours upon reasonable request.EX-4(A)

              TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
                      730 Third Avenue, New York, NY 10017

                         RETIREMENT SELECT PLUS CONTRACT

RETIREMENT SELECT PLUS
         CONTRACT NO.: [xxxxxxxx]
CONTRACTHOLDER: [National Academy of Sciences]
DATE OF ISSUE: [January 1, 2004]

         This contract  ("the  Contract") was made and delivered in the State of
[New York], and is subject to the laws and regulations thereof.

         This contract is issued in  consideration of the payment of Premiums by
the  Contractholder  to Teachers  Insurance and Annuity  Association  of America
("TIAA").

         The Contract may be amended by agreement of TIAA and the Contractholder
without  the  consent of any other  person,  provided  that such change does not
reduce the then current Accumulation of any Annuitant,  or any benefit purchased
under the Contract up to that time.  TIAA may stop accepting  Premiums under the
Contract at any time.

         The College Retirement Equities Fund (CREF) is a companion organization
to TIAA.  If TIAA  deletes the Real Estate  Account and the Real Estate  Account
was, at any time,  available  under the terms of the employer plan in connection
with which this contract was issued,  then a companion  CREF  Retirement  Select
Plus Contract will be issued, without application, as a funding vehicle for that
employer plan, if such companion contract had not been previously issued.

         The provisions  contained on the following pages (the  Certificate) are
part of the Contract.

         /s/ E. Laverne Jones                /s/ Herbert M. Allison, Jr.
         --------------------                ---------------------------
            VICE PRESIDENT                     CHAIRMAN, PRESIDENT AND
        AND CORPORATE SECRETARY                CHIEF EXECUTIVE OFFICER

<PAGE>

              TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
                   730 THIRD AVENUE, NEW YORK, N.Y. 10017-3206
                            TELEPHONE: [800-842-2733]

                          RETIREMENT SELECT CERTIFICATE

ANNUITANT: [John D. Professor]
CERTIFICATE NUMBER: [X-xxxxxx-x]
DATE OF ISSUE: [01 01 2004]

This  certificate  states  the  rights  that you,  the  annuitant,  have under a
Retirement  Select  contract  (the  Contract)  issued by Teachers  Insurance and
Annuity  Association of America (TIAA) to the  contractholder.  PLEASE READ YOUR
CERTIFICATE. IT IS IMPORTANT.

                               GENERAL DESCRIPTION

All  premiums  for this  certificate  must be  remitted  under the terms of your
employer  plan.  You may allocate  your TIAA  premiums  between the  Traditional
Annuity and the Real Estate  Account.  Your rights  under this  certificate  are
subject to the vesting provisions of your employer plan.

TRADITIONAL  ANNUITY.  Each premium allocated to the Traditional  Annuity buys a
definite amount of lifetime income for you, based on the rate schedule in effect
for your certificate at the time the premium is paid. Your  Traditional  Annuity
accumulation  will be credited with a guaranteed  interest rate, and may also be
credited with additional amounts declared by TIAA.

REAL ESTATE  ACCOUNT.  Each premium  allocated to the Real Estate Account buys a
number of  accumulation  units.  YOUR REAL ESTATE  ACCOUNT  ACCUMULATION  IS NOT
GUARANTEED,  AND MAY INCREASE OR DECREASE DEPENDING ON INVESTMENT  RESULTS.  The
Real Estate  Account  separate  account charge is guaranteed not to exceed 2.50%
per year of net assets.

In accordance with your employer plan and the restrictions  described in section
58,  you may be  permitted  to  choose a  lump-sum  benefit  payment  from  your
accumulation.  TIAA  reserves the right to limit  lump-sum  benefits to not more
than one in a calendar quarter.

When you are ready to start  receiving your income,  you may, in accordance with
the terms of your employer plan,  choose an option from among those described in
your  certificate.  If you die before your  certificate's  maturity  date,  your
accumulation will provide a death benefit for your beneficiary.

THIS CERTIFICATE CANNOT BE ASSIGNED AND IT DOES NOT PROVIDE FOR LOANS.

If you have any  questions  about  your  certificate  or need help to  resolve a
problem, you can contact us at the address or phone number above.

         /s/ E. Laverne Jones                /s/ Herbert M. Allison, Jr.
         --------------------                ---------------------------
            VICE PRESIDENT                     CHAIRMAN, PRESIDENT AND
        AND CORPORATE SECRETARY                CHIEF EXECUTIVE OFFICER

                     GROUP FLEXIBLE PREMIUM DEFERRED ANNUITY
                        FIXED AND VARIABLE ACCUMULATIONS
                                NONPARTICIPATING

--------------------------------------------------------------------------------
                               INDEX ON NEXT PAGE                         Page 1
<PAGE>

YOUR TIAA RETIREMENT SELECT CERTIFICATE
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                               INDEX OF PROVISIONS

<TABLE>
<CAPTION>
                                              SECTION                                                          SECTION

<S>                                                              <C>
Accumulation                                                     Lump-sum Benefit
    - Definition....................................1                - Amount.......................................61
    - Real Estate Account..........................39                - Availability of..............................58
    - Traditional Annuity..........................36                - Definition...................................16
Accumulation Units                                                   - Effective Date...............................59
    - Definition...................................38                - Payment of...................................60
    - Number of....................................42                - Systematic Withdrawals from
Additional Amounts.................................37                            the Real Estate Account............62
Annuity Starting Date                                            Maturity Date......................................17
    - Definition....................................2            Net Investment Factor..............................40
    - Required Beginning...........................20            Payee..............................................18
Assignment - Void and of no effect.................73            Payment to an Estate, Trustee, etc.................79
Benefits                                                         Premiums
    - Based on Incorrect Data......................81                - Allocation of................................33
    - Requests for.................................85                - Overpayment of...............................84
Business Day........................................4                - Payment of...................................32
Cash Surrender                                                       - Taxes........................................34
    - Limitations..................................74            Proof of Survival..................................82
Certificate........................................29            Rate Schedule
Claims of Creditors                                                  - Change of....................................86
    - Protection Against...........................75                - Definition...................................19
Commuted Value......................................5            Real Estate Account
Companion CREF Certificate.........................31               - Deletion of...................................70
Contestability.....................................30            Report of Accumulation.............................71
Contract                                                         Restrictions on Distributions
    - Consists of..................................28                - IRC Section 401(k)...........................66
Contractholder......................................6                - IRC Section 403(b)...........................67
Correspondence with us.............................85            Second Annuitant...................................21
Death Benefit                                                    Separate Account
    - Amount of Payments...........................50               - Charge........................................41
    - Beneficiary...................................3               - Definition....................................22
    - Definition....................................7               - Insulation of.................................69
    - Methods of Payment...........................49            Service of Process upon TIAA.......................80
    - Naming Your Beneficiary......................48            Spouse's Rights
    - Payment of...................................47               - Definition....................................23
    - Payments after Death of Beneficiary..........51               - Rights to Benefits............................63
Elections and Changes - Procedure for..............77               - Waiver of Rights..............................64
Employer Plan.......................................8            Surrender Charge...................................24
Employer Plan Fee Withdrawals......................68            Tax-Free Rollover
    - Definition....................................9               - Right to......................................78
ERISA..............................................10            Termination of Employment..........................25
Funding Vehicle....................................11            Traditional Annuity................................26
General Account....................................12            Transfers
Income Benefit                                                      - Crediting Internal Transfers..................56
    - Amount of Payments...........................46               - Definition of Internal Transfer...............14
    - Definition...................................13               - Effective Date of Transfers...................55
    - Options......................................44               - Internal Transfers from CREF..................54
    - Payments during a Guaranteed Period..........45               - Internal Transfers from
    - Starting Payments............................43                          the Real Estate Account..............52
IRC................................................15               - Systematic Transfers from
Lapse                                                                          the Real Estate Account..............57
    - Protection Against...........................35               - Transfers from the Traditional Annuity........53
Laws and Regulations                                             Valuation Day and Valuation Period.................27
    - Compliance with..............................83            Vesting............................................76
Liability of TIAA..................................65
Loans - No provision for...........................72
</TABLE>

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                             PART A: ANNUITANT DATA

                              Annuitant:   [John D. Professor]
                 Social Security Number:   [xxx-xx-xxxx]
                          Date of Birth:   [03 17 1963]
                             Issue Date:   [01 01 2004]
                  Annuity Starting Date:   [04 01 2028]

                     Certificate Number:   [X-xxxxxx-x]
      Companion CREF Certificate Number:   [X-xxxxxx-x/NONE]
      Retirement Select Contract Number:   [xxxxxxxx]

                         Contractholder:   [National Academy of Sciences]
                               Employer:   [ABC University]

The contract  under which this  certificate  is issued is made and  delivered in
[the State of state], and is subject to the laws and regulations thereof.

The minimum Traditional Annuity  accumulation  interest rate is specified in the
rate schedule. The initial Traditional Annuity accumulation interest rate is [2]
%.

[The only variable  account  currently  available under this  certificate is the
Real Estate Account.]

                              VARIABLE TEXT ENTRIES

[The [beneficiary designation / premium allocation / beneficiary designation and
the premium  allocation]  in effect for your TIAA [RA, SRA, GRA, GSRA, (or other
product  name)]  annuity   [number   xxxxxxxx  (if   applicable)]   as  of  this
certificate's date of issue is now also in effect for this certificate. [You can
change your premium  allocation at any time,  as explained in the  Allocation of
Premiums section.]

You  also  have  the  right  to  change   beneficiaries  as  explained  in  your
certificate.  [However,  any spousal  beneficiary waiver currently in effect for
your TIAA [RA, SRA, GRA, GSRA, (or other product name)] annuity [number xxxxxxxx
(if  applicable)]  cannot be carried over to this  certificate,  and your spouse
will retain  his/her  survivor  rights  required  under federal law. In order to
waive your spouse's  rights to survivor  benefits  under your annuity,  you must
complete a new waiver and return it to us.]]

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                     PART B: TERMS USED IN THIS CERTIFICATE

1.    Your  ACCUMULATION  is  equal  to the  sum  of  your  Traditional  Annuity
      accumulation  as  described  in  Part  D  and  your  Real  Estate  Account
      accumulation  as described in Part E. Your  accumulation  will provide the
      benefits described in your certificate.

2.    Your  ANNUITY  STARTING  DATE is the date as of which you  first  begin to
      receive income  benefits from your  accumulation  under this  certificate.
      Your  scheduled  annuity  starting date is shown on page 3. You may change
      your  annuity  starting  date  provided  that it not be  earlier  than the
      earliest  date  allowed  under  your  employer  plan,  nor later than your
      required beginning date, as described in section 20.

3.    BENEFICIARIES  are persons  you name,  in a form  satisfactory  to TIAA as
      explained  in section 48, to receive  the death  benefit if you die before
      your certificate's maturity date.

4.    A  BUSINESS  DAY is any day that the New York Stock  Exchange  is open for
      trading.  A business day ends at 4:00 P.M.  Eastern  time, or when trading
      closes on the New York Stock Exchange, if earlier.

5.    The  COMMUTED  (discounted)  VALUE is a one-sum  amount  paid in lieu of a
      series  of  payments  that  are not  contingent  upon the  survival  of an
      annuitant.  It is less than the total of those  payments,  because  future
      interest,  included  when  computing  the series of payments,  will not be
      earned if payment is to be made in one sum. The  commuted  value of future
      payments is therefore the sum of those payments less the interest from the
      date of  commutation  to the date each payment  would have been made.  The
      same interest rate or rates used in computing the benefit payments will be
      used to determine the commuted value.

6.    The  CONTRACTHOLDER  is the  organization  that  remits  premiums  to this
      certificate.  In  accordance  with the terms of your  employer  plan,  the
      contractholder may exercise certain rights under this certificate.

7.    The DEATH  BENEFIT is the current  value of your  accumulation  under this
      certificate at your death. It will be paid to your  beneficiary  under one
      of the methods  set forth in Part G if you die before  your  certificate's
      maturity date.

8.    An EMPLOYER  PLAN is a plan  satisfying  the  requirements  of IRC Section
      401(a),  401(k),  403(a),  403(b),  415(m),  457,  or  any  other  section
      providing similar benefits for employees.

9.    EMPLOYER PLAN FEE WITHDRAWALS are amounts deducted from your  accumulation
      in accordance  with the terms of your employer plan to pay fees associated
      with the administration of the plan.

10.   ERISA is the Employee Retirement Income Security Act of 1974, as amended.

11.   A FUNDING  VEHICLE is an annuity  contract,  custodial  account,  or trust
      designated to receive contributions under an employer plan.

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12.   The GENERAL  ACCOUNT  consists of all of TIAA's assets other than those in
      separate accounts.

13.   An INCOME  BENEFIT  is a periodic  amount  payable to you under one of the
      income options set forth in Part F.

14.   An  INTERNAL  TRANSFER  is the  movement  of  accumulations  between  your
      Traditional   Annuity   accumulation   and  your   Real   Estate   Account
      accumulation,   or  between  this   certificate   and  a  companion   CREF
      certificate,  if any. The provisions concerning internal transfers are set
      forth in Part H.

15.   The IRC is the Internal  Revenue Code of 1986, as amended.  All references
      to any  section  of the IRC  shall be  deemed  to  refer  not only to such
      section  but also to any  amendment  thereof and any  successor  statutory
      provisions.

16.   A LUMP-SUM  BENEFIT is a withdrawal in a single sum of all or part of your
      accumulation. The provisions concerning lump-sum benefits are set forth in
      Part I.

17.   Your certificate's MATURITY DATE is the date as of which all accumulations
      under the  certificate  have been  distributed or used to provide  annuity
      benefits.  As of the maturity  date all of TIAA's  obligations  under this
      certificate will have been satisfied.

18.   The PAYEE is a person  named to receive any  periodic  payments or amounts
      due under an income  option or method of payment  of the death  benefit as
      explained in sections 45 and 51.

19.   The RATE  SCHEDULE  sets  forth the bases for  computing  the  Traditional
      Annuity  accumulation and any benefits and distributions  arising from it.
      To the extent  permitted  by law,  TIAA may change the rate  schedule  for
      amounts remitted after the change, as explained in section 86.

20.   Your REQUIRED  BEGINNING DATE is the latest date on which you can begin to
      receive your  accumulation in accordance with the rules of the IRC and the
      terms of your employer  plan.  Generally,  it is the April 1 following the
      calendar year in which you attain age [70 1/2 ] or, if later,  the April 1
      following the calendar year in which you retire.

21.   The SECOND  ANNUITANT  is the  person  you name,  if you choose to receive
      income  under a two-life  annuity,  to receive an income for life if he or
      she survives you. You may name any person eligible under TIAA's  practices
      then in effect to be a second  annuitant,  subject  to the  rights of your
      spouse as described in Part J.

22.   SEPARATE ACCOUNT. All premiums and internal transfers credited to the Real
      Estate Account become part of a separate account.  The Real Estate Account
      is designated as "VA-2" and was established by TIAA in accordance with New
      York law to provide  benefits under this  certificate and other contracts.
      The assets and  liabilities of separate  account VA-2 are segregated  from
      the assets and liabilities of the general account, and from the assets and
      liabilities of any other TIAA separate account.

23.   SPOUSE'S  RIGHTS.  If you are  married,  your  spouse may be  entitled  to
      benefits as described in Part J.

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24.   A  SURRENDER   CHARGE  will  be  assessed  against  the  portion  of  your
      Traditional  Annuity  accumulation   withdrawn  to  provide  any  lump-sum
      benefit, as shown in the rate schedule.

25.   TERMINATION OF EMPLOYMENT for the purpose of determining the  availability
      of  the  lump-sum  benefit  is a  bona  fide  cessation  of an  employment
      relationship  with  your  employer.  Dissolution  or  modification  of the
      employer plan; changes in the name or affiliation of your employer; leaves
      of absence, with or without pay; vacations;  or other events not in fact a
      termination  of  employment  will  not  be  considered  a  termination  of
      employment.

26.   The TRADITIONAL  ANNUITY refers to the guaranteed  annuity  benefits under
      your  certificate.  Each  premium and internal  transfer  allocated to the
      Traditional  Annuity  under your  certificate  buys a  definite  amount of
      lifetime  income for you,  based on the rate  schedule  in effect for your
      certificate at the time the premium is paid.

27.   A VALUATION  DAY is any business  day, as well as the last calendar day of
      each  month.  Valuation  days end as of the  close  of all  U.S.  national
      exchanges where securities or other investments of the Real Estate Account
      are  principally  traded.  Valuation days that aren't business days end at
      4:00 p.m.  Eastern Time. A VALUATION  PERIOD is the time from the end of a
      valuation day to the end of the next valuation day.

                          PART C: CONTRACT AND PREMIUMS

28.   The  CONTRACT  constitutes  the  entire  contract  between  TIAA  and  the
      contractholder,  and the provisions therein alone will govern with respect
      to the rights and  obligations of TIAA, the  contractholder,  and you. The
      payment of premiums is the consideration for the contract.

            The   contract   may  be  amended  by  agreement  of  TIAA  and  the
      contractholder without the consent of any other person, provided that such
      change does not reduce any benefit purchased under the contract up to that
      time. Any endorsement or amendment of this  certificate,  waiver of any of
      its  provisions,  or  change  in rate  schedule  will be valid  only if in
      writing and signed by an executive officer of TIAA.

29.   This CERTIFICATE states the rights that you, the annuitant, have under the
      contract. It is issued in return for premiums remitted on your behalf.

30.   CONTESTABILITY. The contract is incontestable.

31.   COMPANION CREF CERTIFICATE. The College Retirement Equities Fund (CREF) is
      a companion  organization  to TIAA.  A companion  CREF  Retirement  Select
      certificate  was  issued  to you when you  received  this  certificate  if
      provided for under the terms of your employer plan. The certificate number
      for any such  companion  CREF  certificate is shown on page 3. A companion
      CREF  certificate  may be issued to you at a later date in accordance with
      section 70.

32.   PREMIUMS  for this  certificate  must be remitted  under the terms of your
      employer  plan.  Premiums  include  any  transfers,  other  than  internal
      transfers,  to this certificate from other

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      funding  vehicles.  Premiums may be stopped at any time without  notice to
      TIAA and then resumed  without  payment of any past due premium or penalty
      of any kind.

            TIAA reserves the right to limit to $300,000 the total premiums paid
      on this  certificate  and any other TIAA annuity  contract on your life in
      any  twelve-month  period.  TIAA  reserves  the  right  to stop  accepting
      premiums  under the  contract at any time.  TIAA will not accept  premiums
      paid on your behalf after your certificate's maturity date or prior death.
      Premiums  will  be  credited  to  your  certificate  as of the  end of the
      business day in which they are received by TIAA at the location  that TIAA
      will designate by prior written notice.

            Elective deferral  contributions made to your TIAA or CREF contracts
      or  certificates  may not exceed the annual  limits on elective  deferrals
      described in section 402(g) of the IRC, or as otherwise  permitted by law.
      TIAA will refund the accumulated value of all excess premiums made to this
      certificate, as required by law.

33.   ALLOCATION  OF PREMIUMS.  You allocate  premiums  between the  Traditional
      Annuity  and the Real  Estate  Account.  If you  allocate  premiums to the
      Traditional Annuity they increase your Traditional  Annuity  accumulation.
      If you  allocate  premiums  to the  Real  Estate  Account,  they  purchase
      accumulation  units  in the  Real  Estate  Account.  You may  change  your
      allocation for future premiums at any time. We will allocate your premiums
      according to the most recent valid  instructions we have received from you
      in a form  acceptable to TIAA. If we have not received valid  instructions
      from you, we will allocate  your premiums in accordance  with the terms of
      your  employer  plan.  Your employer plan may limit your right to allocate
      premiums to the Traditional Annuity and/or to the Real Estate Account.

            TIAA may stop accepting  premiums to the Traditional  Annuity or the
      Real Estate Account at any time.

34.   PREMIUM TAXES.  If state or local  government  premium taxes are incurred,
      they will be deducted from your  certificate  accumulation,  to the extent
      permitted by law.

35.   UNCONDITIONAL  PROTECTION  AGAINST LAPSE.  Your certificate will not lapse
      after  the  first  premium  has been  paid.  No  additional  premiums  are
      required.

                    PART D: TRADITIONAL ANNUITY ACCUMULATION

36.   Your TRADITIONAL ANNUITY ACCUMULATION is equal to:

            A)    all premiums  allocated to the Traditional  Annuity under your
                  certificate; plus

            B)    interest credited at the guaranteed interest rate set forth in
                  the rate schedule; plus

            C)    any additional  amounts  credited to the  Traditional  Annuity
                  under your certificate; plus

            D)    any internal  transfers to the Traditional  Annuity under your
                  certificate; less

            E)    any  premium  taxes  incurred  by TIAA  for  your  Traditional
                  Annuity accumulation; less

            F)    the  amount  of  any  lump-sum  benefits,  employer  plan  fee
                  withdrawals,  rollovers, transfers, interest payments, and any
                  required  minimum  distributions  paid  from  the  Traditional
                  Annuity; less

            G)    any charges for  expenses and  contingencies  set forth in the
                  rate schedule;  less

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            H)    any  amount  applied  to  provide   annuity  income  or  death
                  benefits; less

            I)    any surrender charge assessed.

37.   ADDITIONAL AMOUNTS. TIAA may credit additional amounts to your Traditional
      Annuity  accumulation.   TIAA  does  not  guarantee  that  there  will  be
      additional  amounts.  TIAA will  determine at least annually if additional
      amounts will be credited.

            Any  additional   amounts  credited  to  your  Traditional   Annuity
      accumulation  will  buy  benefits  for  you  based  on the  rate  schedule
      applicable  to the premiums or internal  transfers  that gave rise to such
      additional  amounts.   Additional  amounts  may  also  be  paid  with  any
      Traditional Annuity benefits payable to you or your beneficiary.

            Any  additional   amounts  credited  to  your  Traditional   Annuity
      accumulation  will be credited under a schedule of additional amount rates
      declared by TIAA. For a Traditional  Annuity  accumulation  in force as of
      the effective date of such a schedule,  the  additional  amount rates will
      not be modified for a period of twelve  months  following  the  schedule's
      effective  date.  For any premiums and internal  transfers  applied to the
      Traditional  Annuity  during  the  twelve-month  period  described  in the
      preceding  sentence,  TIAA may declare  additional  amounts at rates which
      remain in effect through the end of such twelve-month period.  Thereafter,
      any  additional  amount  rates  declared  for such  premiums  and internal
      transfers will remain in effect for periods of twelve months or more.

               PART E: REAL ESTATE ACCOUNT ACCUMULATION AND UNITS

38.   ACCUMULATION UNIT. The value of one accumulation unit is calculated at the
      end of each valuation day. The value of an  accumulation  unit is equal to
      the previous day's value  multiplied by the net investment  factor for the
      Real Estate Account.

39.   Your  REAL  ESTATE  ACCOUNT   ACCUMULATION  is  equal  to  the  number  of
      accumulation  units you own  multiplied  by the value of one  accumulation
      unit.  Real  Estate  Account   accumulations  are  variable  and  are  not
      guaranteed; they may increase or decrease depending on investment results.

40.   The NET  INVESTMENT  FACTOR for the Real  Estate  Account  for a valuation
      period is based on the amount of accrued real estate net operating income,
      dividends,  interest  and  other  income  during  the  current  period,  a
      deduction of the separate  account  charge,  both realized and  unrealized
      capital gains and losses incurred, and other accounting adjustments during
      the current period. The precise formula for the net investment factor is A
      divided by B, as follows:

            A)    The value of the Real Estate  Account's  net assets at the end
                  of the current  valuation  period,  less any premiums received
                  during the current period.

            B)    The value of the Real Estate  Account's  net assets at the end
                  of the  previous  valuation  period,  plus the net  effect  of
                  transactions (e.g. internal transfers,  benefit payments) made
                  at the start of the current valuation period.

41.   The SEPARATE ACCOUNT CHARGE covers  mortality and expense risk,  liquidity
      risk, and  administrative and investment  advisory services.  TIAA, at its
      discretion,  can  increase or

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      decrease the separate  account  charge.  The  separate  account  charge is
      guaranteed not to exceed 2.50% per year of net assets.

42.   NUMBER OF  ACCUMULATION  UNITS.  Each premium and each  internal  transfer
      applied  to the Real  Estate  Account  on your  behalf  buys a  number  of
      accumulation units equal to the amount of the premium or internal transfer
      divided  by  the  value  of one  accumulation  unit  as of the  end of the
      business day in which the premium or internal  transfer is  credited.  The
      number of accumulation  units under your  certificate will be decreased by
      any  premium  taxes   incurred  by  TIAA  for  your  Real  Estate  Account
      accumulation  and by the  application  of any  accumulation  units  to any
      benefits,  employer  plan  fee  withdrawals,  internal  transfers,  or any
      required  minimum   distributions   paid  from  the  Real  Estate  Account
      accumulation  under your certificate.  Such transactions will decrease the
      number of accumulation  units under your certificate by an amount equal to
      the  dollar  value  of  the  transaction  divided  by  the  value  of  one
      accumulation  unit  as of the  end  of the  valuation  day  on  which  the
      transaction becomes effective.

                             PART F: INCOME BENEFITS

43.   STARTING INCOME BENEFITS.  An income benefit will be effective and payment
      will begin as of the date you have chosen, if you are then living and:

            A)    you have chosen one of the income options set forth in section
                  44;

            B)    if you choose a one-life  annuity,  we have received  proof of
                  your age;

            C)    if you choose a two-life  annuity,  we have received  proof of
                  your age and the age of your second annuitant; and

            D)    if  your   accumulation  is  subject  to  the  spousal  rights
                  described in Part J, we have  received any required  waiver of
                  spouse's rights or proof that you are not married.

            You may not begin a  one-life  annuity  after you attain age 90, nor
      may you begin a two-life annuity after you or your second annuitant attain
      age 90. If your  accumulation is less than $5,000 on the effective date of
      an income benefit, TIAA may choose instead to pay your accumulation to you
      in a single sum.

            At any time before you start to receive an income  benefit,  you may
      change  the  effective  date for that  income  benefit to a date after the
      change, by written notice to TIAA as explained in section 77.

44.   INCOME OPTIONS are the ways in which you may have income  benefits paid to
      you.  The income  options  are  available  from your  Traditional  Annuity
      accumulation  only.  You can  transfer  some or all of  your  Real  Estate
      Account  accumulation to your Traditional Annuity  accumulation to receive
      benefits under an income option  available from the  Traditional  Annuity.
      Also,   you  may  transfer  some  or  all  of  your  Real  Estate  Account
      accumulation to your companion CREF  certificate,  if any, as described in
      section 52, to receive  benefits  under an income option  available  under
      that certificate.

            You may change your choice of income option any time before payments
      begin,  but once they have begun under an income  option,  the election to
      begin  receiving  benefits is  irrevocable  and no change can be made. Any
      choice of option or change of such choice  must be made by written  notice
      to TIAA as explained in section 77.

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            Your right to elect an option or change such election may be limited
      in accordance with section 83 and Part K. If your  accumulation is subject
      to  spousal  rights,  your  choice of an income  option is  subject to the
      rights of your spouse to benefits as explained in Part J. The availability
      of certain income options may be restricted by the IRC and by the terms of
      your employer plan.

            If the  plan  administrator  for  your  employer  plan or his or her
      designee  notifies us that  distribution  from your certificate must begin
      under the  minimum  distribution  rules of federal  tax law, we will begin
      distributions satisfying such requirements.

            The following are the income options from which you may choose.  All
      of them  provide  an income  for you,  some  provide  that  payments  will
      continue  for the  lifetime of a second  annuitant  and some  provide that
      payments  will  continue  in any  event  during  a  guaranteed  period  as
      explained  in section 45. The  periodic  amount paid to you or a surviving
      second annuitant depends on which of these options you choose.

            ONE-LIFE  ANNUITY.  A payment  will be made to you each month for as
            long as you live.  You may include a  guaranteed  period of 10 or 20
            years. If you do not include a guaranteed  period, all payments will
            cease at your death. If you include a guaranteed  period and you die
            before the end of that period,  monthly payments will continue until
            the end of that period and then cease.

            TWO-LIFE  ANNUITY.  A payment  will be made to you each month for as
            long as you live.  After  your  death,  a payment  will be made each
            month to the second  annuitant you have named,  for as long as he or
            she survives you. You cannot change your choice of second  annuitant
            after your payments begin. You may include a guaranteed period of 10
            or 20 years. If you do not include a guaranteed period, all payments
            will cease when you and your second  annuitant  have both died.  You
            may choose from among the following forms of two-life annuity.

                  FULL BENEFIT TO  SURVIVOR.  At the death of either you or your
                  second annuitant, the full amount of the monthly payments that
                  would have been paid if you both had lived will continue to be
                  paid to the survivor.  If you include a guaranteed  period and
                  you and your second  annuitant  both die before the end of the
                  period  chosen,  the full amount of the monthly  payments that
                  would have been paid if you both had lived will continue to be
                  paid until the end of that period and then cease.

                  TWO-THIRDS BENEFIT TO SURVIVOR.  At the death of either you or
                  your second annuitant, two-thirds of the monthly payments that
                  would have been paid if you both had lived will continue to be
                  paid to the survivor.  If you include a guaranteed  period and
                  you and your second  annuitant  both die before the end of the
                  period chosen,  two-thirds of the monthly  payments that would
                  have been paid if you both had lived will  continue to be paid
                  until the end of that period and then cease.

                  HALF BENEFIT TO SECOND ANNUITANT. The full monthly income will
                  continue to be paid as long as you live.  After your death, if
                  your second  annuitant  survives you,  one-half of the monthly
                  payments  that  would  have been  paid if you had  lived  will
                  continue to be paid to your second annuitant. If you include a
                  guaranteed  period and you and your second  annuitant both die
                  before the end of the period  chosen,

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                  one-half of the monthly  payments that would have been paid if
                  you had lived will  continue  to be paid until the end of that
                  period and then cease.

            INTEREST  PAYMENTS  OPTION.  The  value of the  Traditional  Annuity
            accumulation placed under this option must be at least $10,000. This
            option is only  available  if you are at least age 55 and it is more
            than one year prior to your required  beginning date. A payment will
            be made to you each month until you die or convert to another income
            option.  The  amount of the  payment  will be based on the  interest
            rates that TIAA would otherwise credit to your  Traditional  Annuity
            accumulation.  You may not convert to a one-life  annuity  after you
            attain age 90, nor may you convert to a two-life  annuity  after you
            or your second annuitant attain age 90.

                  If you die before  converting,  the interest  payments  option
            will be cancelled and no future interest payments will be made.

            AUTOMATIC  ELECTION  PROVISION.  If on your required beginning date,
      you  have  not  met the  requirements  for  starting  income  benefits  as
      described  in section  43,  you will be deemed to have  chosen the form of
      benefit  distribution,  if any,  specified  by the terms of your  employer
      plan,  if such  form of  benefit  is  available  under  this  certificate.
      Otherwise, you will be deemed to have chosen a one-life annuity if you are
      then  single,  or the  "half  benefit  to  second  annuitant"  form of the
      two-life annuity if you are then married,  each with a 10-year  guaranteed
      period, if allowed under federal tax law.

45.   POST-MORTEM  PAYMENTS DURING A GUARANTEED PERIOD. Any periodic payments or
      other amounts  remaining due after your death and the death of your second
      annuitant,  if any,  during a guaranteed  period will be paid to the payee
      named to  receive  them.  You name the  payee at the time you  choose  the
      income option,  as described in section 77. You may later change the named
      payee. If you choose a two-life  annuity,  your surviving second annuitant
      may change the named payees after your death, unless you direct otherwise.

            A payee may choose to receive in one sum the  commuted  value of any
      remaining periodic payments that do not involve life contingencies, unless
      you direct otherwise.  If no payee was named to receive these payments, or
      if no one so named is then living, we will pay the remaining  payments due
      or the commuted  value of the  remaining  periodic  payments in one sum to
      your estate,  or to the estate of the last survivor of you and your second
      annuitant if you chose a two-life annuity.

            If a payee receiving payments during a guaranteed period option dies
      while payments  remain due, the commuted  value of any remaining  payments
      due to that person will be paid to any other  surviving payee that you (or
      your second  annuitant) had named to receive them. If no payee so named is
      then  living,  the  commuted  value will be paid to the estate of the last
      payee who was receiving these benefit payments.

46.   The  AMOUNT  OF  PERIODIC  INCOME  BENEFIT  will be  determined  as of the
      effective date for the income benefit by:

            A)    the amount of your Traditional Annuity accumulation applied to
                  provide the income benefit;

            B)    the rate  schedule or  schedules  under which any premiums and
                  internal  transfers were applied to your  Traditional  Annuity
                  accumulation;

            C)    the income option you choose;

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            D)    if you choose a one-life annuity, your age; and

            E)    if you choose a  two-life  annuity,  your age and your  second
                  annuitant's age.

            If your income  benefit  would be less than $100 a month,  TIAA will
      have the right to change to  quarterly,  semi-annual  or annual  payments,
      whichever  will  result  in  payments  of $100 or  more  and the  shortest
      interval between payments.  If different rate schedules apply to different
      parts of your  Traditional  Annuity  accumulation,  the portion applied to
      provide the income benefit  chosen will be allocated  among the parts on a
      pro-rata basis.

                              PART G: DEATH BENEFIT

47.   PAYMENT  OF THE  DEATH  BENEFIT.  If you  die  before  your  certificate's
      maturity date, the death benefit will be payable to your  beneficiary.  We
      must receive the  following in a form  acceptable to TIAA before any death
      benefit will be paid:

            A)    proof of your death;

            B)    the choice of a method of payment as  provided  in section 49;
                  and

            C)    proof of the beneficiary's age if the method of payment chosen
                  is the one-life annuity.

            Payment under the  single-sum  payment method will be made effective
      as of the date we receive these items;  payment under the one-life annuity
      method of payment will be effective  and begin no later than the first day
      of the month after we have received these items.

            Upon   receipt  of  proof  of  your  death,   we  will  divide  your
      accumulation  into  as many  portions  as  there  are  validly  designated
      beneficiaries for your  certificate.  If different rate schedules apply to
      different parts of your Traditional  Annuity  accumulation,  the resulting
      portions  will be  allocated  among the parts on a  pro-rata  basis.  Each
      validly designated  beneficiary will then have the right to make elections
      available under this  certificate in connection with his or her portion of
      the accumulation.

48.   NAMING YOUR BENEFICIARY. Beneficiaries are persons you name to receive the
      death benefit if you die before your  certificate's  maturity date. At any
      time before your  certificate's  maturity  date,  you may,  subject to the
      terms  of  your  employer  plan,   name,   change,   add  or  delete  your
      beneficiaries  by written  notice to TIAA,  as explained in section 77. If
      your accumulation is subject to spousal rights,  then your right to name a
      beneficiary  for the death benefit is subject to the rights of your spouse
      as described in Part J.

            You can name two classes of  beneficiaries,  primary and contingent,
      which set the order of payment.  At your death, your beneficiaries are the
      surviving  primary  beneficiary or beneficiaries  you named. If no primary
      beneficiary  survives you, your beneficiaries are the surviving contingent
      beneficiary or beneficiaries you named. The share of any named beneficiary
      in a class who does not survive  will be  allocated in equal shares to the
      beneficiaries  in such class who do survive,  even if you've  provided for
      these beneficiaries to receive unequal shares.

            The death  benefit  will be paid to your  estate in one sum if:  you
      name your estate as  beneficiary;  or none of the  beneficiaries  you have
      named is alive at the time of your  death;  or

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      at your death you had never named a  beneficiary.  If  distributions  to a
      named  beneficiary  are barred by operation of law, the death benefit will
      be paid to your estate.

            If at your death any  distribution  of the death benefit would be in
      conflict with any rights of your spouse under law that were not previously
      waived,  TIAA will pay the death benefit in accordance  with your spouse's
      rights, as described in section 63.

49.   METHODS OF PAYMENT are the ways in which your  beneficiary may receive the
      death  benefit.  The  single-sum  payment  method is  available  from your
      Traditional  Annuity  and Real  Estate  Account  accumulations.  The other
      methods are available from the Traditional  Annuity only. Your beneficiary
      can,   however,   transfer  some  or  all  of  your  Real  Estate  Account
      accumulation to the  Traditional  Annuity in order to receive that portion
      of the  death  benefit  under a  method  of  payment  available  from  the
      Traditional  Annuity.  Your  beneficiary  can also transfer some or all of
      your  accumulation  to CREF in order to receive  that portion of the death
      benefit  under a method of payment  offered by CREF.  Such transfer can be
      for all of your  accumulation,  or for any  part  thereof  not  less  than
      $1,000.

            You may choose the method of payment  and change  your choice at any
      time before payments begin.  After your death, your beneficiary may change
      the method chosen by you, if you so provide. If you do not choose a method
      of payment,  your  beneficiary will make the choice when he or she becomes
      entitled to  payments.  If the amount of the death  benefit due to any one
      beneficiary is less than $5,000, TIAA may change the method of payment for
      the  portion  of the death  benefit  payable  to that  beneficiary  to the
      single-sum  payment  method.  The right to elect a method  or change  such
      election may be limited in accordance with section 83.

            A  beneficiary  may not begin to receive the death benefit under the
      one-life  annuity method after he or she attains age 90. If you die before
      your  certificate's  maturity  date and have chosen the  one-life  annuity
      method for a  beneficiary  who has  attained age 90, he or she must choose
      another method. Any choice of method or change of such choice must be made
      by written notice to TIAA, as explained in section 77.

            Generally, the distribution of the death benefit under any method of
      payment  must be made  over the  lifetime  of your  beneficiary  or over a
      period not to exceed your beneficiary's life expectancy.

            If the  plan  administrator  for  your  employer  plan or his or her
      designee  notifies us that  distribution  from your certificate must begin
      under the  minimum  distribution  rules of federal  tax law, we will begin
      distributions satisfying such requirements.

            The distribution of the death benefit under a method of payment must
      be made in such a form and begin at such date as meets the requirements of
      the IRC and the regulations thereunder.  If such method of payment has not
      been  chosen to begin by that  date,  we will elect a method of payment in
      accordance   with  the   requirements  of  the  IRC  and  any  regulations
      thereunder. The following are the methods of payment:

            SINGLE-SUM  PAYMENT.   The  death  benefit  will  be  paid  to  your
            beneficiary in one sum.

            ONE-LIFE  ANNUITY.  A payment will be made to your  beneficiary each
            month  for  life.  A  guaranteed  period  of 10 or 20  years  may be
            included.  If a guaranteed period isn't included,  all payments will
            cease at the death of your  beneficiary.  If a guaranteed  period is
            included  and your  beneficiary  dies before the end of that period,
            monthly payments will continue until the end of that period and then
            cease, as explained in section 51.

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50.   The AMOUNT OF DEATH  BENEFIT  PAYMENTS  will be  determined as of the date
      payments are to begin by:

            A)    the amount of your Traditional Annuity accumulation applied to
                  the method of payment;

            B)    the rate  schedule or  schedules  under which any premiums and
                  internal  transfers were applied to your  Traditional  Annuity
                  accumulation;

            C)    the method of payment chosen for the death benefit; and

            D)    if the method chosen is the one-life annuity,  the age of your
                  beneficiary.

            If any method  chosen  would  result in payments of less than $100 a
      month,  TIAA will have the right to  require a change in choice  that will
      result in payments of at least $100 a month.  If different  rate schedules
      apply to different parts of your  Traditional  Annuity  accumulation,  the
      portion  applied to provide the death  benefit  chosen  will be  allocated
      among the parts on a pro-rata basis.

51.   PAYMENTS AFTER THE DEATH OF A BENEFICIARY.  Any periodic payments or other
      amounts  remaining  due  after  the  death  of your  beneficiary  during a
      guaranteed  period  will  be  paid  to the  payee  named  by  you or  your
      beneficiary  to receive  them,  by written  notice to TIAA as explained in
      section 77. The  commuted  value of these  payments may be paid in one sum
      unless we are directed otherwise.

            If no payee has been named to receive these  payments,  or if no one
      so named is living at the death of your  beneficiary,  the commuted  value
      will be paid in one sum to your beneficiary's estate.

            If a payee  receiving  these  payments  dies  before  the end of the
      guaranteed  period,  the  commuted  value of any  payments  still due that
      person  will be paid to any other payee named to receive it. If no one has
      been so named,  the commuted  value will be paid to the estate of the last
      payee who was receiving these payments.

                                PART H: TRANSFERS

52.   INTERNAL  TRANSFERS FROM THE REAL ESTATE ACCOUNT.  You may transfer all of
      your Real Estate Account  accumulation,  or any part thereof not less than
      $1,000,  to your TIAA Traditional  Annuity  accumulation or your companion
      CREF certificate,  if any. Any internal transfer to CREF is subject to the
      terms of your  companion  CREF  certificate  and CREF's Rules of the Fund.
      TIAA reserves the right to limit  internal  transfers from the Real Estate
      Account  to not more than one in a calendar  quarter.  TIAA  reserves  the
      right to stop accepting internal  transfers to the Traditional  Annuity at
      any time.  Your  employer  plan may limit  your right to  transfer  to the
      Traditional Annuity and/or to a CREF account.

53.   TRANSFERS  FROM  THE  TRADITIONAL  ANNUITY.  You  may  apply  all of  your
      Traditional  Annuity  accumulation,  or any part  thereof  not  less  than
      $10,000, to a Transfer Payout Annuity (TPA) to provide:

            A)    internal transfers to your companion CREF certificate, if any;

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            B)    internal transfers to the Real Estate Account;

            C)    cash withdrawals;

            D)    direct  transfers to another funding vehicle under federal tax
                  law; or

            E)    tax-free  rollovers  to  a  TIAA  IRA  contract,  a  CREF  IRA
                  certificate,  or to a  funding  vehicle  whether  or not it is
                  offered by TIAA or CREF, as described in section 78.

      If different rate schedules apply to different  parts of your  Traditional
      Annuity accumulation, the portion applied to the TPA will be deducted from
      among the parts on a pro-rata basis.

            TPA  payments  will be made  monthly  over an 84-month  period.  The
      amount of each TPA payment will be equal to the total remaining  amount to
      be transferred divided by the number of remaining TPA payments.

            After  TPA  payments  have  commenced,  you may  elect  to have  the
      remaining  amount to be  transferred,  converted to a one-life  annuity or
      two-life  annuity as described in section 44. The amount of income benefit
      provided by such a conversion will be in accordance with section 46. While
      TPA payments are being made, you may elect to change the  destination  for
      future TPA payments in accordance with A) through E) above.

            If you die before all TPA payments  have been made,  the TPA will be
      cancelled and no future TPA payments will be made.

            Your  request  for a TPA must be made by  written  notice to TIAA as
      described  in section 77. Each TPA payment to CREF is subject to the terms
      of your  companion  CREF  certificate  and CREF's Rules of the Fund.  Your
      employer plan may limit your right to transfer to the Real Estate Account,
      or to  transfer  out of this  contract.  TIAA  reserves  the right to stop
      accepting TPA payments to the Real Estate Account at any time.

54.   INTERNAL  TRANSFERS FROM CREF. If you have an  accumulation in a companion
      CREF  certificate,   you  may  transfer  from  that  certificate  to  this
      certificate.  Any internal  transfer  from CREF is subject to the terms of
      your  companion  CREF  certificate  and  CREF's  Rules of the  Fund.  Your
      employer plan may limit your right to transfer to the Traditional  Annuity
      and/or  to the  Real  Estate  Account.  TIAA  reserves  the  right to stop
      accepting  internal  transfers to the Traditional  Annuity and/or internal
      transfers to the Real Estate Account at any time.

55.   EFFECTIVE  DATE OF  TRANSFERS.  An internal  transfer from the Real Estate
      Account  will be  effective  as of the end of the business day in which we
      receive your written request for an internal transfer. For TPAs, the first
      TPA payment  will be  effective as of the end of the business day in which
      we receive your written request to begin the TPA payment  stream.  You may
      defer the  effective  date of the internal  transfer  from the Real Estate
      Account  or the date of the  first TPA  payment  until  any  business  day
      following  the date on which we receive  your written  request.  TIAA will
      determine all values as of the end of the effective date. You can't revoke
      a request for an internal  transfer after its effective date. The election
      to begin TPA payments  cannot be revoked after the  effective  date of the
      first TPA payment.

56.   CREDITING  INTERNAL  TRANSFERS.  Internal  transfers  to your  Traditional
      Annuity accumulation are credited to the Traditional Annuity as of the end
      of the effective date of the internal transfer and begin  participation in
      the  Traditional  Annuity as of the following day.  Internal  transfers to
      your Real Estate Account  accumulation  purchase  accumulation units as of
      the end of the effective date of the internal transfer.

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57.   SYSTEMATIC  TRANSFERS FROM THE REAL ESTATE ACCOUNT.  You may elect to have
      transfers  made on a systematic  basis.  Systematic  transfers may be made
      semi-monthly,  monthly, quarterly, semi-annually or annually. Semi-monthly
      transfers  are made twice a month,  with the second  payment  scheduled 14
      days after the first  payment.  You choose which day the transfer  will be
      made,  except that if the date of a  scheduled  transfer is not a business
      day, the transfer  will be made on the following  business day.  Transfers
      will  continue  until  you  tell us to stop or your  Real  Estate  Account
      accumulation is insufficient to support the transfer. Systematic transfers
      are subject to all the provisions  described  above for transfers,  except
      that a reduced minimum amount of $100 applies to such transfers.

                            PART I: LUMP-SUM BENEFITS

58.   AVAILABILITY  OF THE  LUMP-SUM  BENEFIT.  You  may  withdraw  all of  your
      Traditional Annuity accumulation, or any part thereof not less than $1,000
      as a lump-sum  benefit.  Such  withdrawals  can only be made  before  your
      certificate's maturity date and within 120 days after:

            A)    the date you terminate employment or, if later;

            B)    the specific date stipulated in your employer plan.

            After the 120-day period expires the election of a lump-sum  benefit
      from your Traditional Annuity  accumulation will never again be available.
      Lump-sum benefits paid from the Traditional  Annuity  accumulation will be
      reduced by any surrender  charge in accordance  with the  applicable  rate
      schedule  or  schedules.  At any  time  you  may,  subject  to the  limits
      described  below,  withdraw as a lump-sum  benefit all of your Real Estate
      Account  accumulation,  or any part  thereof  not less than  $1,000.  TIAA
      reserves  the  right  to  limit  lump-sum   benefits  from  each  of  your
      Traditional Annuity accumulation and your Real Estate Account accumulation
      to not more than one in a calendar quarter.

            A lump-sum  benefit will not be available  before the earliest  date
      permitted under your employer plan. For both the  Traditional  Annuity and
      the Real Estate Account,  the  availability  of a lump-sum  benefit may be
      limited by your employer plan.

            If you have a severance of  employment  with your  employer,  we may
      choose  to  distribute  your  accumulation  to you as a  lump-sum  benefit
      (without  surrender  charge) in accordance with the terms of your employer
      plan subject to the restrictions on mandatory distributions under the IRC.

            If you are married,  your right to receive a lump-sum benefit may be
      subject to the rights of your spouse as described in Part J.

            Federal tax law may restrict distributions, as described in Part K.

59.   EFFECTIVE DATE OF A LUMP-SUM BENEFIT.  Any choice of lump-sum benefit must
      be made by written notice to TIAA on or before your certificate's maturity
      date, as explained in section 77. A lump-sum  benefit will be effective as
      of the business day on which we receive, in a form acceptable to TIAA:

            A)    your request for a lump-sum benefit;

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            B)    verification  from your  employer  of your  eligibility  for a
                  lump-sum   benefit,   and   certification  of  termination  of
                  employment  if the  lump-sum  benefit  is  requested  from the
                  Traditional Annuity accumulation; and

            C)    if  your   accumulation  is  subject  to  the  spousal  rights
                  described in Part J, a waiver of spouse's rights or proof that
                  you are not married.

            You may choose to defer the effective  date of the lump-sum  benefit
      until any  business day  following  the date on which we receive the above
      requirements.  In no  event,  however,  can a  lump-sum  benefit  from the
      Traditional  Annuity  accumulation  be effective  before the date that you
      terminate employment or after the 120 day period described in section 58.

            TIAA will determine all values as of the end of the effective  date.
      You can't  revoke a request  for a lump-sum  benefit  after its  effective
      date.

            TIAA may defer the payment of a Traditional Annuity lump-sum benefit
      for up to six months.

60.   PAYMENT OF A LUMP-SUM BENEFIT. A lump-sum benefit may be paid:

            A)    to you as a cash withdrawal;

            B)    to another  funding vehicle as a direct transfer under federal
                  tax law; or

            C)    to a TIAA  IRA  contract,  a  CREF  IRA  certificate,  or to a
                  funding  vehicle whether or not it is offered by TIAA or CREF,
                  as a tax-free rollover as permitted in section 78.

61.   AMOUNT OF A LUMP-SUM  BENEFIT.  If you choose a lump-sum benefit from your
      Traditional  Annuity  accumulation,  we  will  pay  the  portion  of  your
      Traditional Annuity  accumulation you choose, less any surrender charge in
      accordance with the applicable rate schedule or schedules. If you choose a
      lump-sum benefit from your Real Estate Account  accumulation,  we will pay
      the portion of your Real Estate Account accumulation you choose.

            Payment of a lump-sum benefit reduces the accumulation from which it
      is paid by the amount  chosen,  including  any  surrender  charge.  If you
      choose a lump-sum benefit from your Traditional  Annuity  accumulation and
      different rate schedules  apply to different  parts of your  accumulation,
      the reduction will be allocated among the parts on a pro-rata basis.

62.   SYSTEMATIC WITHDRAWALS FROM THE REAL ESTATE ACCOUNT. You may elect to have
      lump-sum benefits from the Real Estate Account made on a systematic basis.
      Systematic  withdrawals  may be  made  semi-monthly,  monthly,  quarterly,
      semi-annually  or  annually.  Semi-monthly  withdrawals  are made  twice a
      month,  with the second payment scheduled 14 days after the first payment.
      You choose which day the lump-sum benefit will be paid, except that if the
      date of a  scheduled  lump-sum  benefit is not a business  day, it will be
      paid on the following  business day.  Withdrawals  will continue until you
      tell us to  stop  or  until  your  Real  Estate  Account  accumulation  is
      insufficient to support the withdrawal. Systematic withdrawals are subject
      to all the provisions described above for lump-sum benefits, except that a
      reduced minimum amount of $100 applies.

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                       PART J: SPOUSE'S RIGHTS TO BENEFITS

63.   SPOUSE'S RIGHTS TO BENEFITS.  If you are married,  and all or part of your
      accumulation is attributable to contributions made under:

            A)    an employer plan subject to ERISA; or

            B)    an employer plan that provides for spousal rights to benefits;

      then,  only to the extent  required by the IRC, ERISA or the terms of your
      employer plan,  your rights to choose  certain  benefits are restricted by
      the rights of your spouse to benefits as follows:

            SPOUSE'S  SURVIVOR  RETIREMENT  BENEFIT.  If you are  married on the
            effective  date of an income  benefit,  the income  benefits must be
            paid under a two-life annuity with your spouse as second annuitant.

            SPOUSE'S   SURVIVOR   DEATH   BENEFIT.   If  you  die  before   your
            certificate's  maturity  date  and your  spouse  survives  you,  the
            payment  of the  death  benefit  to your  named  beneficiary  may be
            subject to your spouse's right to receive a death benefit.  Under an
            employer plan subject to ERISA, your spouse has the right to a death
            benefit   of  at  least  50%  of  any  part  of  your   accumulation
            attributable  to  contributions  made  under  such  plan.  Under  an
            employer  plan not subject to ERISA,  your spouse may have the right
            to a death benefit in the amount stipulated in the plan.

            Your  spouse  may  consent to a waiver of his or her rights to these
      benefits, as explained in section 64.

64.   WAIVER OF SPOUSE'S RIGHTS. If you are married, your spouse must consent to
      a waiver of his or her rights to survivor benefits before you can choose:

            A)    an income  option  other  than a  two-life  annuity  with your
                  spouse as second annuitant; or

            B)    beneficiaries  who are not  your  spouse  for  more  than  the
                  percentage of the death benefit allowed by your employer plan;
                  or

            C)    a lump-sum benefit.

            D)    a cash withdrawal under a transfer payout annuity.

            In order to waive the rights to spousal survivor  benefits,  we must
      receive,  in a form  satisfactory  to  TIAA,  your  spouse's  consent,  or
      satisfactory  verification that your spouse cannot be located. A waiver of
      rights with respect to an income option or a lump-sum benefit must be made
      in accordance with the IRC,  ERISA,  or the applicable  provisions of your
      employer plan. A waiver of the survivor death benefit may not be effective
      if it is made prior to the earlier of the plan year in which you reach age
      35 or the severance of your employment with your employer.

            Verification  of your  marital  status  may be  required,  in a form
      satisfactory to TIAA, for purposes of establishing your spouse's rights to
      benefits  or a waiver  of these  rights.  You may

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      revoke a waiver of your spouse's  rights to a survivor  death  benefit,  a
      lump-sum benefit or cash withdrawal at any time during your lifetime.  You
      may  revoke a waiver  of your  spouse's  right  to a  survivor  retirement
      benefit,  for income  benefits that have not yet begun, at any time during
      your lifetime and before the effective  date of the income  benefit.  Your
      spouse may not revoke a consent after the consent has been given.

65.   LIABILITY OF TIAA. Any action taken by TIAA in good faith before receiving
      written notice of a waiver of rights included in this  certificate,  or of
      revocation of such waiver,  will not subject TIAA to liability because our
      acts were contrary to what was stated in such waiver or revocation.

            PART K: RESTRICTIONS ON DISTRIBUTIONS AND INCOME BENEFITS

66.   IRC SECTION 401(k) PLANS. IRC Section 401(k) prohibits the distribution of
      the portion of your accumulation attributable to premiums paid as elective
      deferrals, except as a tax-free transfer to another funding vehicle, until
      you:

            A)    attain age 59 1/2, in the case of a profit-sharing plan;

            B)    have a severance from  employment with respect to the employer
                  under whose plan the aforementioned portion is attributable;

            C)    die;

            D)    become disabled within the meaning of IRC Section 72(m)(7);

            E)    encounter  financial  "hardship"  within  the  meaning  of IRC
                  Section 401(k);

      or, if earlier,  upon the occurrence of any of the events described in IRC
      Section 401(k)(10).

            In the  case of  hardship,  IRC  Section  401(k)  requires  that any
      earnings credited after December 31, 1988 be unavailable for distribution.

            Any request for an early withdrawal due to disability,  hardship, or
      severance  from   employment  must  be  submitted  with  evidence  of  the
      disability,  hardship,  or severance from employment on forms satisfactory
      to TIAA and not inconsistent with applicable law.

67.   IRC SECTION  403(b) PLANS.  IRC Section 403(b) limits  distributions  from
      your   certificate.   In  general,   IRC  Section  403(b)   prohibits  the
      distribution to you of the portion of your accumulation equal to:

            A)    amounts  attributable to funds transferred to this certificate
                  from  a  custodial  account   established  under  IRC  Section
                  403(b)(7); plus

            B)    amounts  attributable  to  premiums  paid  to an  IRC  Section
                  403(b)(1)  annuity  contract  as  elective  deferrals  under a
                  salary reduction  agreement (within the meaning of IRC Section
                  403(b)(11)); less

            C)    the value,  if any, of the amounts  described in B) determined
                  as of December 31, 1988.

      until you:

            (1)   reach age 59 1/2;

            (2)   have a severance from  employment with respect to the employer
                  under whose plan the aforementioned portion is attributable;

--------------------------------------------------------------------------------
                                                                         Page 20
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YOUR TIAA RETIREMENT SELECT CERTIFICATE
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            (3)   die;

            (4)   become disabled within the meaning of IRC Section 72(m)(7); or

            (5)   encounter  financial  "hardship"  within  the  meaning  of IRC
                  Section 403(b).

            In the case of hardship,  IRC Section 403(b) generally requires that
      any earnings credited after December 31, 1988 and any  contributions  paid
      after  December  31, 1988 to a  custodial  account  established  under IRC
      Section 403(b)(7) that are not elective deferrals under a salary reduction
      agreement, will not be available for distribution.

            Any request for an early withdrawal due to disability,  hardship, or
      severance  from   employment  must  be  submitted  with  evidence  of  the
      disability,  hardship,  or severance from employment on forms satisfactory
      to TIAA and must not be inconsistent with applicable law.

                           PART L: GENERAL PROVISIONS

68.   EMPLOYER PLAN FEE WITHDRAWALS.  The contractholder may, in accordance with
      the terms of your employer plan, and with TIAA's  approval,  instruct TIAA
      to withdraw amounts from your accumulation under this certificate,  to pay
      fees associated with the administration of the plan.

            TIAA  reserves the right to suspend or reinstate  its approval for a
      plan to make such withdrawals from your certificate.

            The amount and the effective date of an employer plan fee withdrawal
      will be in  accordance  with the terms of your  employer  plan.  TIAA will
      determine all values as of the end of the effective date. An employer plan
      fee withdrawal cannot be revoked after it has been applied.

            An employer plan fee withdrawal  reduces the accumulation from which
      it is paid by the amount withdrawn.

            No surrender charge applies to employer plan fee withdrawals.

            If a portion of an employer  plan fee  withdrawal  is paid from your
      TIAA Traditional  Annuity  accumulation and different rate schedules apply
      to different  parts of your  accumulation,  such portion of the withdrawal
      will be deducted from among the parts on a pro-rata basis.

69.   INSULATION  OF THE  SEPARATE  ACCOUNT.  TIAA owns the  assets in  separate
      account VA-2.  To the extent  permitted by law, the assets of the separate
      account  will not be charged  with  liabilities  arising  out of any other
      business TIAA may conduct.  All income,  investment  gains and  investment
      losses of the separate account,  whether or not realized, will be credited
      to or charged  against  only that account  without  regard to TIAA's other
      income, gains or losses.

70.   DELETION  OF THE REAL  ESTATE  ACCOUNT.  TIAA may delete  the Real  Estate
      Account.  If the Real  Estate  Account  is deleted  and was,  at any time,
      available  under the terms of your employer  plan,  then a companion  CREF
      certificate will be issued to you at the time of the deletion,  if one had
      not been previously  issued to you. If you own  accumulation  units in the
      Real  Estate  Account and it is deleted,  you must  transfer  them to your
      Traditional Annuity accumulation or to your companion CREF certificate. If
      you  don't  tell us where  to  transfer  your  accumulation  units,  we'll
      transfer them in accordance with the terms of your employer plan.

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71.   REPORT OF ACCUMULATION.  At least once each year, we will provide you with
      a report  for your  certificate  showing  the  value of your  accumulation
      (death benefit) as of a date specified in the report.

72.   NO LOANS. This certificate does not provide for loans.

73.   NO  ASSIGNMENT  OR TRANSFER.  Neither you nor any other person may assign,
      pledge,  or transfer  ownership of this  certificate or any benefits under
      its terms. Any such action will be void and of no effect.

74.   LIMITED CASH  SURRENDER  BENEFIT.  The only  provisions for cash surrender
      under this certificate are the Lump-Sum  Benefits  described in Part I and
      the Transfer Payout Annuity described in section 53.

75.   PROTECTION  AGAINST CLAIMS OF CREDITORS.  The benefits and rights accruing
      to you or any other  person  under this  certificate  are exempt  from the
      claims of creditors or legal  process to the fullest  extent  permitted by
      law.

76.   VESTING.  Subject to your employer plan, the right to receive and exercise
      every benefit,  option,  right and privilege conferred by this certificate
      may not be immediately  vested in you. In that case, your right to receive
      and exercise such benefits,  options,  rights and privileges will commence
      on your vesting date as determined in accordance with your employer plan.

77.   PROCEDURE FOR ELECTIONS AND CHANGES. You (or your beneficiaries after your
      death) have to make any choice or changes available under your certificate
      in a form  acceptable  to TIAA at our home  office in New York,  NY, or at
      another location that we designate.  If you (or your  beneficiaries  after
      your death) send us a notice changing your  beneficiaries or other persons
      named to  receive  payments,  it will  take  effect  as of the date it was
      signed  even if you (or any  other  signer)  then die  before  the  notice
      actually  reaches  TIAA.  Any other notice will take effect as of the date
      TIAA receives it. If TIAA takes any action in good faith before  receiving
      the  notice,  we won't  be  subject  to  liability  even if our acts  were
      contrary to what was stated in the notice.

            For purposes of determining the effective dates of any transactions,
      transaction  requests  will only be deemed to have been received when they
      are  received by TIAA,  or its  appropriately  designated  agent,  in good
      order, in accordance with procedures established by TIAA or as required by
      law. TIAA reserves the right to limit the number of transactions  that you
      may make effective on a single business day.

78.   RIGHT TO A TAX-FREE  ROLLOVER.  If you or your  surviving  spouse (or your
      spouse or former spouse as an alternate payee under a "qualified  domestic
      relations  order," as defined in the IRC) receive a distribution from your
      certificate which qualifies as an eligible rollover distribution under IRC
      Section  402(c)(4),  any portion of it may be paid as a direct rollover to
      an eligible retirement plan. An eligible retirement plan is, to the extent
      permitted  by law,  a plan  satisfying  the  requirements  of IRC  Section
      401(a),  403(a),  403(b),  408 or to the extent that the plan sponsor is a
      state or local government, Section 457(b).

            Retirement plans eligible for such rollovers may, in the future,  be
      changed by law. If such changes become effective, your certificate will be
      governed by the laws and regulations then applicable.

--------------------------------------------------------------------------------
                                                                         Page 22
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YOUR TIAA RETIREMENT SELECT CERTIFICATE
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79.   PAYMENT TO AN ESTATE,  TRUSTEE, ETC. TIAA reserves the right to pay in one
      sum  the  commuted  value  of any  benefits  due an  estate,  corporation,
      partnership,  trustee or other  entity that isn't a natural  person.  TIAA
      won't be  responsible  for the acts or neglects of any executor,  trustee,
      guardian, or other third party receiving payments under this certificate.

            If you  designate a trustee of a trust as  beneficiary,  TIAA is not
      obliged to inquire into the terms of the underlying trust or any will.

            If death  benefits  become  payable to the  designated  trustee of a
      testamentary trust, but:

            A)    no qualified  trustee makes claim for the benefits within nine
                  months after your death; or

            B)    evidence  satisfactory to TIAA is presented at any time within
                  such nine-month  period that no trustee can qualify to receive
                  the benefits due,

      payment will be made to the successor beneficiaries, if any are designated
      and  survive  you;  otherwise  payment  will be made to the  executors  or
      administrators of your estate.

            If benefits  become  payable to an  INTER-VIVOS  trustee (the person
      appointed to execute a trust created during an individual's lifetime), but
      the trust is not in effect or there is no qualified trustee,  payment will
      be made to the successor beneficiaries,  if any are designated and survive
      you;  otherwise payment will be made to the executors or administrators of
      your estate.

            Payment  to  any  trustee,   successor  beneficiary,   executor,  or
      administrator,  as provided for above,  shall fully satisfy TIAA's payment
      obligations under this certificate to the extent of such payment.

80.   SERVICE OF PROCESS  UPON TIAA.  We will  accept  service of process in any
      action or suit  against us on this  certificate  in any court of competent
      jurisdiction  in the United States or Puerto Rico provided such process is
      properly  made.  We will also accept such process sent to us by registered
      mail if the  plaintiff  is a  resident  of the  jurisdiction  in which the
      action or suit is brought.  This section does not waive any of our rights,
      including the right to remove such action or suit to another court.

81.   BENEFITS BASED ON INCORRECT  DATA. If the amount of benefits is determined
      by data  as to a  person's  age or sex  that is  incorrect,  the  benefits
      payable will be such as the premium paid would have purchased based on the
      correct data. Any amounts  underpaid by TIAA on the basis of the incorrect
      data will be paid at the time the correction is made. Any amounts overpaid
      by TIAA on the basis of the  incorrect  data will be charged  against  the
      payments due after the  correction is made. Any amounts so paid or charged
      will  include  compound  interest at the  effective  annual rate of 6% per
      year.

82.   PROOF OF SURVIVAL.  TIAA reserves the right to require  satisfactory proof
      that anyone named to receive  benefits under the terms of your certificate
      is alive on the date any  benefit  payment  is due.  If this  proof is not
      received after it has been requested in writing,  TIAA will have the right
      to make reduced payments or to withhold payments entirely until such proof
      is  received.  If under a  two-life  annuity  TIAA has  overpaid  benefits
      because of a death of which we were not notified, subsequent payments will
      be reduced or withheld until the amount of the overpayment,  plus compound
      interest at the effective annual rate of 6% per year, has been recovered.

--------------------------------------------------------------------------------
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83.   COMPLIANCE   WITH  LAWS  AND   REGULATIONS.   TIAA  will  administer  your
      certificate to comply with the  restrictions  of all laws and  regulations
      pertaining  to the terms and  conditions of your  certificate.  You cannot
      elect any benefit or  exercise  any right  under your  certificate  if the
      election of that benefit or exercise of that right is prohibited  under an
      applicable state or federal law or regulation.

            The choice of income options and effective  dates,  annuity starting
      date,  beneficiary  or second  annuitant,  method of  payment of the death
      benefit and effective date, and the availability of transfers and lump-sum
      benefits as set forth in this  certificate  are subject to the  applicable
      restrictions,    distribution   requirements,   and   incidental   benefit
      requirements of ERISA and the IRC, and any rulings and regulations  issued
      under ERISA and the IRC.

84.   OVERPAYMENT  OF PREMIUMS.  Any  payments of premiums  made in error by the
      contractholder  in excess of those  required by the employer  plan will be
      refunded  to  the   contractholder   if   requested   in  writing  by  the
      contractholder prior to the certificate's maturity date subject,  however,
      to prior  transfers  or lump-sum  benefits  made from such funds.  TIAA is
      entitled  to rely  on  information  provided  by the  contractholder.  The
      contractholder  shall indemnify TIAA and hold TIAA harmless for any action
      taken in reliance on such request.

85.   CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form, or
      request  for  benefits  will be deemed to be  received  by us unless it is
      received at our home office in New York,  NY, or at another  location that
      we  designate.  All  benefits are payable at our home office or at another
      location that we designate.  If you have any questions about the contract,
      your certificate,  or inquiries about our service,  or if you need help to
      resolve a  problem,  you can  contact us at the  address  or phone  number
      below.

                                      [TIAA
                                730 Third Avenue
                             New York, NY 10017-3206
                            Telephone: 800 842-2733]

86.   CHANGE  OF RATE  SCHEDULE.  We may,  at any time  and  from  time to time,
      substitute  a new rate  schedule for the one  currently  effective in your
      certificate.  A new rate schedule will apply only to benefits arising from
      any premiums and internal  transfers  applied to the  Traditional  Annuity
      while such rate  schedule  is in effect.  Any change in the rate  schedule
      will not affect the amount of  benefits  purchased  prior to the change by
      any premiums and internal transfers applied to the Traditional  Annuity. A
      change in the rate  schedule will be made only after we have given you and
      the  contractholder  three months'  written notice of the change.  Any new
      rate schedule will specify:

            A)    the charges for expenses and contingencies;

            B)    the  interest   rates  and  the   mortality   bases  used  for
                  determining  benefits  arising  from  amounts  applied  to the
                  Traditional Annuity; and

            C)    any applicable  surrender charges on lump-sum benefits arising
                  from amounts applied to the Traditional Annuity.

--------------------------------------------------------------------------------
                                                                         Page 24
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TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
YOUR TIAA RETIREMENT SELECT CERTIFICATE
--------------------------------------------------------------------------------

                                  RATE SCHEDULE

      RATE SCHEDULE.  The benefits bought by any premiums and internal transfers
      applied to the  Traditional  Annuity while this rate schedule is in effect
      will be computed on this basis:

            (1)   no  deduction  for expenses or  contingencies,  except for any
                  premium taxes incurred by TIAA for your certificate and except
                  for any employer plan fee  withdrawals in accordance  with the
                  terms of your employer plan;

            (2)   interest  from  the end of the day on  which  the  premium  or
                  internal transfer is credited, to the date that such amount is
                  deducted  from  the  Traditional  Annuity   accumulation,   in
                  accordance with section 36, as follows:

                  For premiums and internal transfers applied to the Traditional
                  Annuity in any calendar  year,  the minimum  effective  annual
                  interest  rate,  to be  credited  will be set equal to the CMT
                  less 0.0125,  rounded to the nearest 0.0005,  provided however
                  that the minimum rate will never be less than 1.5% nor greater
                  than  3%.  For  each  calendar  year,  the CMT is the  average
                  five-year  Constant  Maturity  Treasury  Rate  reported by the
                  Federal   Reserve  for  the  calendar   month  of  [November],
                  preceding that year.

                  We may make future changes to the choice of calendar month for
                  which the average  five-year  Constant  Maturity Treasury Rate
                  will be used to set the CMT.  Any such change will be effected
                  only after  obtaining any approvals  required by the insurance
                  regulatory  authority of the jurisdiction shown on page 3, and
                  will also be made to all other  certificates  written  on this
                  form and delivered in that jurisdiction.  Any such change will
                  be made only  after we have  given you three  months'  written
                  notice.

            (3)   interest  at the  effective  annual  rate of 2% after the date
                  that payments begin under a one-life or two-life annuity; and

            (4)   mortality  according  to  the  Annuity  2000  Mortality  Table
                  (Merged  Gender Mod A),  with ages set back  three  months for
                  each  completed  year  between  December 31, 2000 and the date
                  that payments begin under a one-life or two-life annuity.

      A SURRENDER CHARGE of 2.5% will be deducted from any lump-sum benefit from
      the  Traditional  Annuity  arising from amounts applied to the Traditional
      Annuity while this rate schedule is in effect.

      These  rate  guarantees   cease  to  apply  to  any  Traditional   Annuity
      accumulations  that you  transfer  to the Real  Estate  Account or to your
      companion CREF certificate, if any.

      BETTERMENT OF RATES.  When you or your beneficiary  begin benefits under a
      one-life or two-life annuity, we will compute any benefits provided by the
      portion of your Traditional  Annuity  accumulation  resulting from amounts
      applied to the  Traditional  Annuity while this rate schedule is in effect
      on the basis stated above, or, if it produces a larger guaranteed benefit,
      on the  basis  then in use  for any  single  premium  immediate  annuities
      offered by TIAA to contracts of the same class as the contract under which
      this certificate is issued.

--------------------------------------------------------------------------------
                                                                        Page RS1
<PAGE>

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
YOUR TIAA RETIREMENT SELECT CERTIFICATE
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
============================================================================================================
                      GUARANTEED ANNUAL AMOUNT OF INCOME BENEFITS UNDER THE ONE-LIFE
                               ANNUITY WITH 10-YEAR GUARANTEED PERIOD OPTION
                                PROVIDED BY $10,000 FROM YOUR ACCUMULATION
                                    (ASSUMING A PREMIUM TAX RATE OF 0%)

                           One-twelfth of the amount shown is payable each month
------------------------------------------------------------------------------------------------------------
  Adjusted Age     Annual Amount of    Adjusted Age    Annual Amount of    Adjusted Age   Annual Amount of
  When Payments     Monthly Benefit    When Payments    Monthly Benefit    When Payments   Monthly Benefit
      Begin            Payments            Begin           Payments            Begin          Payments
------------------------------------------------------------------------------------------------------------
       <S>              <C>                 <C>             <C>                  <C>          <C>
       40               $309.20             57              $390.38              74           $568.43
       41               $312.54             58              $397.25              75           $584.44
       42               $316.02             59              $404.44              76           $601.22
       43               $319.65             60              $411.96              77           $618.78
       44               $323.43             61              $419.85              78           $637.13
       45               $327.38             62              $428.13              79           $656.25
       46               $331.50             63              $436.82              80           $676.14
       47               $335.79             64              $445.95              81           $696.74
       48               $340.27             65              $455.55              82           $718.03
       49               $344.94             66              $465.65              83           $739.91
       50               $349.82             67              $476.29              84           $762.31
       51               $354.90             68              $487.50              85           $785.11
       52               $360.20             69              $499.31              86           $808.15
       53               $365.73             70              $511.75              87           $831.28
       54               $371.50             71              $524.86              88           $854.30
       55               $377.52             72              $538.66              89           $877.00
       56               $383.81             73              $553.18              90           $899.17
------------------------------------------------------------------------------------------------------------
</TABLE>

      The yearly payments shown above are those that result from the application
      of an accumulation  of $10,000  (assuming a premium tax rate of 0%) in the
      Traditional  Annuity to the specified income option when the annuitant has
      attained  an adjusted  age as shown,  but has not passed the date on which
      that adjusted age was attained by as much as one month.

            The annuitant's adjusted age equals the annuitant's actual age minus
      three months for each  completed  year  between  December 31, 2000 and the
      date that payments  begin under a one-life or two-life  annuity.  All ages
      used in computing  benefits are calculated in completed  years and months.
      Payments  beginning at ages other than those shown, and under other income
      options,  are  computed  on the  basis  stated in the rate  schedule.  For
      accumulations other than $10,000, payments will be proportionate.
================================================================================

                     GROUP FLEXIBLE PREMIUM DEFERRED ANNUITY
                        FIXED AND VARIABLE ACCUMULATIONS
                                NONPARTICIPATING

--------------------------------------------------------------------------------
                                                                        Page RS2
<PAGE>

              TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
                      730 Third Avenue, New York, NY 10017

                         RETIREMENT SELECT PLUS CONTRACT

RETIREMENT SELECT PLUS
         CONTRACT NO.: [xxxxxxxx]
CONTRACTHOLDER: [National Academy of Sciences]
DATE OF ISSUE: [January 1, 2004]

         This contract  ("the  Contract") was made and delivered in the State of
[New York], and is subject to the laws and regulations thereof.

         This contract is issued in  consideration of the payment of Premiums by
the  Contractholder  to Teachers  Insurance and Annuity  Association  of America
("TIAA").

         The Contract may be amended by agreement of TIAA and the Contractholder
without  the  consent of any other  person,  provided  that such change does not
reduce the then current Accumulation of any Annuitant,  or any benefit purchased
under the Contract up to that time.  TIAA may stop accepting  Premiums under the
Contract at any time.

         The College Retirement Equities Fund (CREF) is a companion organization
to TIAA.  If TIAA  deletes the Real Estate  Account and the Real Estate  Account
was, at any time,  available  under the terms of the employer plan in connection
with which this contract was issued,  then a companion  CREF  Retirement  Select
Plus Contract will be issued, without application, as a funding vehicle for that
employer plan, if such companion contract had not been previously issued.

         The provisions  contained on the following pages (the  Certificate) are
part of the Contract.

         /s/ E. Laverne Jones                /s/ Herbert M. Allison, Jr.
         --------------------                ---------------------------
            VICE PRESIDENT                     CHAIRMAN, PRESIDENT AND
        AND CORPORATE SECRETARY                CHIEF EXECUTIVE OFFICER

<PAGE>

              TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
                   730 THIRD AVENUE, NEW YORK, N.Y. 10017-3206
                            TELEPHONE: [800-842-2733]

                       RETIREMENT SELECT PLUS CERTIFICATE

ANNUITANT: [John D. Professor]
CERTIFICATE NUMBER: [X-xxxxxx-x]
DATE OF ISSUE: [01 01 2004]

This  certificate  states  the  rights  that you,  the  annuitant,  have under a
Retirement Select Plus contract (the Contract) issued by Teachers  Insurance and
Annuity  Association of America (TIAA) to the  contractholder.  PLEASE READ YOUR
CERTIFICATE. IT IS IMPORTANT.

                               GENERAL DESCRIPTION

All  premiums  for this  certificate  must be  remitted  under the terms of your
employer  plan.  You may allocate  your TIAA  premiums  between the  Traditional
Annuity and the Real Estate  Account.  Your rights  under this  certificate  are
subject to the vesting provisions of your employer plan.

TRADITIONAL  ANNUITY.  Each premium allocated to the Traditional  Annuity buys a
definite amount of lifetime income for you, based on the rate schedule in effect
for your certificate at the time the premium is paid. Your  Traditional  Annuity
accumulation  will be credited with a guaranteed  interest rate, and may also be
credited with additional amounts declared by TIAA.

REAL ESTATE  ACCOUNT.  Each premium  allocated to the Real Estate Account buys a
number of  accumulation  units.  YOUR REAL ESTATE  ACCOUNT  ACCUMULATION  IS NOT
GUARANTEED,  AND MAY INCREASE OR DECREASE DEPENDING ON INVESTMENT  RESULTS.  The
Real Estate  Account  separate  account charge is guaranteed not to exceed 2.50%
per year of net  assets.

Subject to the terms of your employer plan, you may withdraw all or part of your
accumulation  before your certificate's  maturity date. You may transfer between
your Traditional Annuity accumulation and your Real Estate Account accumulation,
or from either of those  accumulations to a companion CREF certificate,  if any.
Withdrawals  and  transfers  from the  Traditional  Annuity  are  subject to the
surrender charges,  if any, specified in your certificate's rate schedule.  TIAA
can establish new rate  schedules in the future,  but any such changes would not
affect benefits purchased before the change.

When you are ready to start  receiving your income,  you may, in accordance with
the terms of your employer plan,  choose an option from among those described in
your  certificate.  If you die before your  certificate's  maturity  date,  your
accumulation will provide a death benefit for your beneficiary.

THIS CERTIFICATE CANNOT BE ASSIGNED AND IT DOES NOT PROVIDE FOR LOANS.

If you have any  questions  about  your  certificate  or need help to  resolve a
problem, you can contact us at the address or phone number above.

         /s/ E. Laverne Jones                /s/ Herbert M. Allison, Jr.
         --------------------                ---------------------------
            VICE PRESIDENT                     CHAIRMAN, PRESIDENT AND
        AND CORPORATE SECRETARY                CHIEF EXECUTIVE OFFICER

                     GROUP FLEXIBLE PREMIUM DEFERRED ANNUITY
                        FIXED AND VARIABLE ACCUMULATIONS
                                NONPARTICIPATING

--------------------------------------------------------------------------------
                               INDEX ON NEXT PAGE                         Page 1
<PAGE>

YOUR TIAA RETIREMENT SELECT PLUS CERTIFICATE
--------------------------------------------------------------------------------

                               INDEX OF PROVISIONS

<TABLE>
<CAPTION>
                                              SECTION                                                          SECTION

<S>                                                              <C>
Accumulation                                                     IRC................................................15
    - Definition....................................1            Lapse
    - Real Estate Account..........................38                - Protection Against...........................34
    - Traditional Annuity..........................35            Laws and Regulations
Accumulation Units                                                   - Compliance with..............................80
    - Definition...................................37            Liability of TIAA..................................63
    - Number of....................................41            Loans - No provision for...........................70
Additional Amounts.................................36            Lump-sum Benefit
Annuity Starting Date                                                - Amount.......................................59
    - Definition....................................2                - Availability of..............................56
    - Required Beginning...........................20                - Definition...................................16
Assignment - Void and of no effect.................71                - Effective Date...............................57
Benefits                                                             - Payment of...................................58
    - Based on Incorrect Data......................78                - Systematic Withdrawals.......................60
    - Requests for.................................82            Maturity Date......................................17
Business Day........................................4            Net Investment Factor..............................39
Certificate........................................28            Payee..............................................18
Claims of Creditors                                              Payment to an Estate, Trustee, etc.................76
    - Protection Against...........................72            Premiums
Commuted Value......................................5                - Allocation of................................32
Companion CREF Certificate.........................30                - Overpayment of...............................81
Contestability.....................................29                - Payment of...................................31
Contract                                                             - Taxes........................................33
    - Consists of..................................27            Proof of Survival..................................79
Contractholder......................................6            Rate Schedule
Correspondence with us.............................82                - Change of....................................83
Death Benefit                                                        - Definition...................................19
    - Amount of Payments...........................49            Real Estate Account
    - Beneficiary...................................3                - Deletion of..................................68
    - Definition....................................7            Report of Accumulation.............................69
    - Methods of Payment...........................48            Restrictions on Distributions
    - Naming Your Beneficiary......................47                - IRC Section 401(k)...........................64
    - Payment of...................................46                - IRC Section 403(b)...........................65
    - Payments after Death of Beneficiary..........50            Second Annuitant...................................21
Elections and Changes - Procedure for..............74            Separate Account
Employer Plan.......................................8                - Charge.......................................40
Employer Plan Fee Withdrawals......................66                - Definition...................................22
    - Definition....................................9                - Insulation of................................67
ERISA..............................................10            Service of Process upon TIAA.......................77
Funding Vehicle....................................11            Spouse's Rights
General Account....................................12                - Definition...................................23
Income Benefit                                                       - Rights to Benefits...........................61
    - Amount of Payments...........................45                - Waiver of Rights.............................62
    - Definition...................................13            Surrender Charge...................................24
    - Options......................................43            Tax-Free Rollover
    - Payments during a Guaranteed Period..........44                - Right to.....................................75
    - Starting Payments............................42            Traditional Annuity................................25
Internal Transfers                                               Valuation Day and Valuation Period.................26
    - Amount.......................................52            Vesting............................................73
    - Availability.................................51
    - Crediting....................................55
    - Definition...................................14
    - Effective Date...............................53
    - Systematic...................................54
</TABLE>

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                             PART A: ANNUITANT DATA

                              Annuitant:   [John D. Professor]
                 Social Security Number:   [xxx-xx-xxxx]
                          Date of Birth:   [03 17 1963]
                             Issue Date:   [01 01 2004]
                  Annuity Starting Date:   [04 01 2028]

                    Certificate  Number:   [X-xxxxxx-x]
      Companion CREF Certificate Number:   [X-xxxxxx-x / NONE]
                 Retirement Select Plus
                        Contract Number:   [xxxxxxxx]
                         Contractholder:   [National Academy of Sciences]
                               Employer:   [ABC University]

The contract  under which this  certificate  is issued is made and  delivered in
[the State of state], and is subject to the laws and regulations thereof.

The minimum Traditional Annuity  accumulation  interest rate is specified in the
rate schedule. The initial Traditional Annuity accumulation interest rate is [2]
%.

[The only variable  account  currently  available under this  certificate is the
Real Estate Account.]

                              VARIABLE TEXT ENTRIES

[The [beneficiary designation / premium allocation / beneficiary designation and
the premium  allocation]  in effect for your TIAA [RA, SRA, GRA, GSRA, (or other
product  name)]  annuity   [number   xxxxxxxx  (if   applicable)]   as  of  this
certificate's date of issue is now also in effect for this certificate. [You can
change your premium  allocation at any time,  as explained in the  Allocation of
Premiums section.]

You  also  have  the  right  to  change   beneficiaries  as  explained  in  your
certificate.  [However,  any spousal  beneficiary waiver currently in effect for
your TIAA [RA, SRA, GRA, GSRA, (or other product name)] annuity [number xxxxxxxx
(if  applicable)]  cannot be carried over to this  certificate,  and your spouse
will retain  his/her  survivor  rights  required  under federal law. In order to
waive your spouse's  rights to survivor  benefits  under your annuity,  you must
complete a new waiver and return it to us.]]

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                     PART B: TERMS USED IN THIS CERTIFICATE

1.    Your  ACCUMULATION  is  equal  to the  sum  of  your  Traditional  Annuity
      accumulation  as  described  in  Part  D  and  your  Real  Estate  Account
      accumulation  as described in Part E. Your  accumulation  will provide the
      benefits described in your certificate.

2.    Your  ANNUITY  STARTING  DATE is the date as of which you  first  begin to
      receive income  benefits from your  accumulation  under this  certificate.
      Your  scheduled  annuity  starting date is shown on page 3. You may change
      your  annuity  starting  date  provided  that it not be  earlier  than the
      earliest  date  allowed  under  your  employer  plan,  nor later than your
      required beginning date, as described in section 20.

3.    BENEFICIARIES  are persons  you name,  in a form  satisfactory  to TIAA as
      explained  in section 47, to receive  the death  benefit if you die before
      your certificate's maturity date.

4.    A  BUSINESS  DAY is any day that the New York Stock  Exchange  is open for
      trading.  A business day ends at 4:00 P.M.  Eastern  time, or when trading
      closes on the New York Stock Exchange, if earlier.

5.    The  COMMUTED  (discounted)  VALUE is a one-sum  amount  paid in lieu of a
      series  of  payments  that  are not  contingent  upon the  survival  of an
      annuitant.  It is less than the total of those  payments,  because  future
      interest,  included  when  computing  the series of payments,  will not be
      earned if payment is to be made in one sum. The  commuted  value of future
      payments is therefore the sum of those payments less the interest from the
      date of  commutation  to the date each payment  would have been made.  The
      same interest rate or rates used in computing the benefit payments will be
      used to determine the commuted value.

6.    The  CONTRACTHOLDER  is the  organization  that  remits  premiums  to this
      certificate.  In  accordance  with the terms of your  employer  plan,  the
      contractholder may exercise certain rights under this certificate.

7.    The DEATH  BENEFIT is the current  value of your  accumulation  under this
      certificate at your death. It will be paid to your  beneficiary  under one
      of the methods  set forth in Part G if you die before  your  certificate's
      maturity date.

8.    An EMPLOYER  PLAN is a plan  satisfying  the  requirements  of IRC Section
      401(a),  401(k),  403(a),  403(b),  415(m),  457,  or  any  other  section
      providing similar benefits for employees.

9.    EMPLOYER PLAN FEE WITHDRAWALS are amounts deducted from your  accumulation
      in accordance  with the terms of your employer plan to pay fees associated
      with the administration of the plan.

10.   ERISA is the Employee Retirement Income Security Act of 1974, as amended.

11.   A FUNDING  VEHICLE is an annuity  contract,  custodial  account,  or trust
      designated to receive contributions under an employer plan.

12.   The GENERAL  ACCOUNT  consists of all of TIAA's assets other than those in
      separate accounts.

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13.   An INCOME  BENEFIT  is a periodic  amount  payable to you under one of the
      income options set forth in Part F.

14.   An  INTERNAL  TRANSFER  is the  movement  of  accumulations  between  your
      Traditional   Annuity   accumulation   and  your   Real   Estate   Account
      accumulation,   or  between  this   certificate   and  a  companion   CREF
      certificate,  if any. The provisions concerning internal transfers are set
      forth in Part H.

15.   The IRC is the Internal  Revenue Code of 1986, as amended.  All references
      to any  section  of the IRC  shall be  deemed  to  refer  not only to such
      section  but also to any  amendment  thereof and any  successor  statutory
      provisions.

16.   A LUMP-SUM  BENEFIT is a withdrawal in a single sum of all or part of your
      accumulation. The provisions concerning lump-sum benefits are set forth in
      Part I.

17.   Your certificate's MATURITY DATE is the date as of which all accumulations
      under the  certificate  have been  distributed or used to provide  annuity
      benefits.  As of the maturity  date all of TIAA's  obligations  under this
      certificate will have been satisfied.

18.   The PAYEE is a person  named to receive any  periodic  payments or amounts
      due under an income  option or method of payment  of the death  benefit as
      explained in sections 44 and 50.

19.   The RATE  SCHEDULE  sets  forth the bases for  computing  the  Traditional
      Annuity  accumulation and any benefits and distributions  arising from it.
      To the extent  permitted  by law,  TIAA may change the rate  schedule  for
      amounts remitted after the change, as explained in section 83.

20.   Your REQUIRED  BEGINNING DATE is the latest date on which you can begin to
      receive your  accumulation in accordance with the rules of the IRC and the
      terms of your employer  plan.  Generally,  it is the April 1 following the
      calendar year in which you attain age [70 1/2 ] or, if later,  the April 1
      following the calendar year in which you retire.

21.   The SECOND  ANNUITANT  is the  person  you name,  if you choose to receive
      income  under a two-life  annuity,  to receive an income for life if he or
      she survives you. You may name any person eligible under TIAA's  practices
      then in effect to be a second  annuitant,  subject  to the  rights of your
      spouse as described in Part J.

22.   SEPARATE ACCOUNT. All premiums and internal transfers credited to the Real
      Estate Account become part of a separate account.  The Real Estate Account
      is designated as "VA-2" and was established by TIAA in accordance with New
      York law to provide  benefits under this  certificate and other contracts.
      The assets and  liabilities of separate  account VA-2 are segregated  from
      the assets and liabilities of the general account, and from the assets and
      liabilities of any other TIAA separate account.

23.   SPOUSE'S  RIGHTS.  If you are  married,  your  spouse may be  entitled  to
      benefits as described in Part J.

24.   A  SURRENDER   CHARGE  will  be  assessed  against  the  portion  of  your
      Traditional Annuity  accumulation  withdrawn or transferred to provide any
      lump-sum  benefit,  internal  transfer,  or  rollover as shown in the rate
      schedule.

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25.   The TRADITIONAL  ANNUITY refers to the guaranteed  annuity  benefits under
      your  certificate.  Each  premium and internal  transfer  allocated to the
      Traditional  Annuity  under your  certificate  buys a  definite  amount of
      lifetime  income for you,  based on the rate  schedule  in effect for your
      certificate at the time the premium is paid.

26.   A VALUATION  DAY is any business  day, as well as the last calendar day of
      each  month.  Valuation  days end as of the  close  of all  U.S.  national
      exchanges where securities or other investments of the Real Estate Account
      are  principally  traded.  Valuation days that aren't business days end at
      4:00 p.m.  Eastern Time. A VALUATION  PERIOD is the time from the end of a
      valuation day to the end of the next valuation day.

                          PART C: CONTRACT AND PREMIUMS

27.   The  CONTRACT  constitutes  the  entire  contract  between  TIAA  and  the
      contractholder,  and the provisions therein alone will govern with respect
      to the rights and  obligations of TIAA, the  contractholder,  and you. The
      payment of premiums is the consideration for the contract.

            The   contract   may  be  amended  by  agreement  of  TIAA  and  the
      contractholder without the consent of any other person, provided that such
      change does not reduce any benefit purchased under the contract up to that
      time. Any endorsement or amendment of this  certificate,  waiver of any of
      its  provisions,  or  change  in rate  schedule  will be valid  only if in
      writing and signed by an executive officer of TIAA.

28.   This CERTIFICATE states the rights that you, the annuitant, have under the
      contract. It is issued in return for premiums remitted on your behalf.

29.   CONTESTABILITY. The contract is incontestable.

30.   COMPANION CREF CERTIFICATE. The College Retirement Equities Fund (CREF) is
      a companion  organization to TIAA. A companion CREF Retirement Select Plus
      certificate  was  issued  to you when you  received  this  certificate  if
      provided for under the terms of your employer plan. The certificate number
      for any such  companion  CREF  certificate is shown on page 3. A companion
      CREF  certificate  may be issued to you at a later date in accordance with
      section 68.

31.   PREMIUMS  for this  certificate  must be remitted  under the terms of your
      employer  plan.  Premiums  include  any  transfers,  other  than  internal
      transfers,  to this certificate from other funding vehicles.  Premiums may
      be stopped at any time  without  notice to TIAA and then  resumed  without
      payment of any past due premium or penalty of any kind.

            TIAA reserves the right to limit to $300,000 the total premiums paid
      on this  certificate  and any other TIAA annuity  contract on your life in
      any  twelve-month  period.  TIAA  reserves  the  right  to stop  accepting
      premiums  under the  contract at any time.  TIAA will not accept  premiums
      paid on your behalf after your certificate's maturity date or prior death.
      Premiums  will  be  credited  to  your  certificate  as of the  end of the
      business day in which they are received by TIAA at the location  that TIAA
      will designate by prior written notice.

            Elective deferral  contributions made to your TIAA or CREF contracts
      or  certificates  may not exceed the annual  limits on elective  deferrals
      described in section 402(g) of the IRC, or as otherwise  permitted by law.
      TIAA will refund the accumulated value of all excess premiums made to this
      certificate, as required by law.

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32.   ALLOCATION  OF PREMIUMS.  You allocate  premiums  between the  Traditional
      Annuity  and the Real  Estate  Account.  If you  allocate  premiums to the
      Traditional Annuity they increase your Traditional  Annuity  accumulation.
      If you  allocate  premiums  to the  Real  Estate  Account,  they  purchase
      accumulation  units  in the  Real  Estate  Account.  You may  change  your
      allocation for future premiums at any time. We will allocate your premiums
      according to the most recent valid  instructions we have received from you
      in a form  acceptable to TIAA. If we have not received valid  instructions
      from you, we will allocate  your premiums in accordance  with the terms of
      your  employer  plan.  Your employer plan may limit your right to allocate
      premiums to the  Traditional  Annuity  and/or to the Real Estate  Account.
      TIAA may stop accepting  premiums to the  Traditional  Annuity or the Real
      Estate Account at any time.

33.   PREMIUM TAXES.  If state or local  government  premium taxes are incurred,
      they will be deducted from your  certificate  accumulation,  to the extent
      permitted by law.

34.   UNCONDITIONAL  PROTECTION  AGAINST LAPSE.  Your certificate will not lapse
      after  the  first  premium  has been  paid.  No  additional  premiums  are
      required.

                    PART D: TRADITIONAL ANNUITY ACCUMULATION

35.   Your TRADITIONAL ANNUITY ACCUMULATION is equal to:

            A)    all premiums  allocated to the Traditional  Annuity under your
                  certificate;  plus

            B)    interest credited at the guaranteed interest rate set forth in
                  the rate schedule; plus

            C)    any additional  amounts  credited to the  Traditional  Annuity
                  under your certificate; plus

            D)    any internal  transfers to the Traditional  Annuity under your
                  certificate; less

            E)    any  premium  taxes  incurred  by TIAA  for  your  Traditional
                  Annuity accumulation; less

            F)    the  amount  of  any  lump-sum  benefits,  employer  plan  fee
                  withdrawals,  rollovers,  internal  transfers and any required
                  minimum distributions paid from the Traditional Annuity; less

            G)    any charges for  expenses and  contingencies  set forth in the
                  rate schedule; less

            H)    any  amount  applied  to  provide   annuity  income  or  death
                  benefits; less

            I)    any surrender charge assessed.

36.   ADDITIONAL AMOUNTS. TIAA may credit additional amounts to your Traditional
      Annuity  accumulation.   TIAA  does  not  guarantee  that  there  will  be
      additional  amounts.  TIAA will  determine at least annually if additional
      amounts will be credited.

            Any  additional   amounts  credited  to  your  Traditional   Annuity
      accumulation  will  buy  benefits  for  you  based  on the  rate  schedule
      applicable  to the premiums or internal  transfers  that gave rise to such
      additional  amounts.   Additional  amounts  may  also  be  paid  with  any
      Traditional Annuity benefits payable to you or your beneficiary.

            Any  additional   amounts  credited  to  your  Traditional   Annuity
      accumulation  will be credited under a schedule of additional amount rates
      declared by TIAA. For a Traditional  Annuity  accumulation  in force as of
      the effective date of such a schedule,  the  additional

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      amount rates will not be modified for a period of twelve months  following
      the schedule's  effective  date.  For any premiums and internal  transfers
      applied  to  the  Traditional   Annuity  during  the  twelve-month  period
      described in the preceding  sentence,  TIAA may declare additional amounts
      at rates  which  remain in  effect  through  the end of such  twelve-month
      period. Thereafter, any additional amount rates declared for such premiums
      and internal  transfers will remain in effect for periods of twelve months
      or more.

               PART E: REAL ESTATE ACCOUNT ACCUMULATION AND UNITS

37.   ACCUMULATION UNIT. The value of one accumulation unit is calculated at the
      end of each valuation day. The value of an  accumulation  unit is equal to
      the previous day's value  multiplied by the net investment  factor for the
      Real Estate Account.

38.   Your  REAL  ESTATE  ACCOUNT   ACCUMULATION  is  equal  to  the  number  of
      accumulation  units you own  multiplied  by the value of one  accumulation
      unit.  Real  Estate  Account   accumulations  are  variable  and  are  not
      guaranteed; they may increase or decrease depending on investment results.

39.   The NET  INVESTMENT  FACTOR for the Real  Estate  Account  for a valuation
      period is based on the amount of accrued real estate net operating income,
      dividends,  interest  and  other  income  during  the  current  period,  a
      deduction of the separate  account  charge,  both realized and  unrealized
      capital gains and losses incurred, and other accounting adjustments during
      the current period. The precise formula for the net investment factor is A
      divided by B, as follows:

            A)    The value of the Real Estate  Account's  net assets at the end
                  of the current  valuation  period,  less any premiums received
                  during the current period.

            B)    The value of the Real Estate  Account's  net assets at the end
                  of the  previous  valuation  period,  plus the net  effect  of
                  transactions (e.g. internal transfers,  benefit payments) made
                  at the start of the current valuation period.

40.   The SEPARATE ACCOUNT CHARGE covers  mortality and expense risk,  liquidity
      risk, and  administrative and investment  advisory services.  TIAA, at its
      discretion,  can  increase or decrease the separate  account  charge.  The
      separate  account charge is guaranteed not to exceed 2.50% per year of net
      assets.

41.   NUMBER OF  ACCUMULATION  UNITS.  Each premium and each  internal  transfer
      applied  to the Real  Estate  Account  on your  behalf  buys a  number  of
      accumulation units equal to the amount of the premium or internal transfer
      divided  by  the  value  of one  accumulation  unit  as of the  end of the
      business day in which the premium or internal  transfer is  credited.  The
      number of accumulation  units under your  certificate will be decreased by
      any  premium  taxes   incurred  by  TIAA  for  your  Real  Estate  Account
      accumulation  and by the  application  of any  accumulation  units  to any
      benefits,  employer  plan  fee  withdrawals,  internal  transfers,  or any
      required  minimum   distributions   paid  from  the  Real  Estate  Account
      accumulation  under your certificate.  Such transactions will decrease the
      number of accumulation  units under your certificate by an amount equal to
      the  dollar  value  of  the  transaction  divided  by  the  value  of

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      one  accumulation  unit as of the end of the  valuation  day on which  the
      transaction becomes effective.

                             PART F: INCOME BENEFITS

42.   STARTING INCOME BENEFITS.  An income benefit will be effective and payment
      will begin as of the date you have chosen, if you are then living and:

            A)    you have chosen one of the income options set forth in section
                  43;

            B)    if you choose a one-life  annuity,  we have received  proof of
                  your age;

            C)    if you choose a two-life  annuity,  we have received  proof of
                  your age and the age of your second annuitant; and

            D)    if  your   accumulation  is  subject  to  the  spousal  rights
                  described in Part J, we have  received any required  waiver of
                  spouse's rights or proof that you are not married.

            You may not begin a  one-life  annuity  after you attain age 90, nor
      may you begin a two-life annuity after you or your second annuitant attain
      age 90. If your  accumulation is less than $5,000 on the effective date of
      an income benefit, TIAA may choose instead to pay your accumulation to you
      in a single sum.

            At any time before you start to receive an income  benefit,  you may
      change  the  effective  date for that  income  benefit to a date after the
      change, by written notice to TIAA as explained in section 74.

43.   INCOME OPTIONS are the ways in which you may have income  benefits paid to
      you.  The income  options  are  available  from your  Traditional  Annuity
      accumulation  only.  You can  transfer  some or all of  your  Real  Estate
      Account  accumulation to your Traditional Annuity  accumulation to receive
      benefits under an income option  available from the  Traditional  Annuity.
      Also,   you  may  transfer  some  or  all  of  your  Real  Estate  Account
      accumulation to your companion CREF  certificate,  if any, as described in
      section 51, to receive  benefits  under an income option  available  under
      that certificate.

            You may change your choice of income option any time before payments
      begin,  but once they have begun under an income  option,  the election to
      begin  receiving  benefits is  irrevocable  and no change can be made. Any
      choice of option or change of such choice  must be made by written  notice
      to TIAA as explained in section 74.

            Your right to elect an option or change such election may be limited
      in accordance with section 80 and Part K. If your  accumulation is subject
      to  spousal  rights,  your  choice of an income  option is  subject to the
      rights of your spouse to benefits as explained in Part J. The availability
      of certain income options may be restricted by the IRC and by the terms of
      your employer plan.

            If the  plan  administrator  for  your  employer  plan or his or her
      designee  notifies us that  distribution  from your certificate must begin
      under the  minimum  distribution  rules of federal  tax law, we will begin
      distributions satisfying such requirements.

            The following are the income options from which you may choose.  All
      of them  provide  an income  for you,  some  provide  that  payments  will
      continue  for the  lifetime of a second  annuitant  and some  provide that
      payments  will  continue  in any  event  during  a  guaranteed

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      period as explained  in section 44. The  periodic  amount paid to you or a
      surviving second annuitant depends on which of these options you choose.

            ONE-LIFE  ANNUITY.  A payment  will be made to you each month for as
            long as you live.  You may include a  guaranteed  period of 10 or 20
            years. If you do not include a guaranteed  period, all payments will
            cease at your death. If you include a guaranteed  period and you die
            before the end of that period,  monthly payments will continue until
            the end of that period and then cease.

            TWO-LIFE  ANNUITY.  A payment  will be made to you each month for as
            long as you live.  After  your  death,  a payment  will be made each
            month to the second  annuitant you have named,  for as long as he or
            she survives you. You cannot change your choice of second  annuitant
            after your payments begin. You may include a guaranteed period of 10
            or 20 years. If you do not include a guaranteed period, all payments
            will cease when you and your second  annuitant  have both died.  You
            may choose from among the following forms of two-life annuity.

                  FULL BENEFIT TO  SURVIVOR.  At the death of either you or your
                  second annuitant, the full amount of the monthly payments that
                  would have been paid if you both had lived will continue to be
                  paid to the survivor.  If you include a guaranteed  period and
                  you and your second  annuitant  both die before the end of the
                  period  chosen,  the full amount of the monthly  payments that
                  would have been paid if you both had lived will continue to be
                  paid until the end of that period and then cease.

                  TWO-THIRDS BENEFIT TO SURVIVOR.  At the death of either you or
                  your second annuitant, two-thirds of the monthly payments that
                  would have been paid if you both had lived will continue to be
                  paid to the survivor.  If you include a guaranteed  period and
                  you and your second  annuitant  both die before the end of the
                  period chosen,  two-thirds of the monthly  payments that would
                  have been paid if you both had lived will  continue to be paid
                  until the end of that period and then cease.

                  HALF BENEFIT TO SECOND ANNUITANT. The full monthly income will
                  continue to be paid as long as you live.  After your death, if
                  your second  annuitant  survives you,  one-half of the monthly
                  payments  that  would  have been  paid if you had  lived  will
                  continue to be paid to your second annuitant. If you include a
                  guaranteed  period and you and your second  annuitant both die
                  before the end of the period  chosen,  one-half of the monthly
                  payments  that  would  have been  paid if you had  lived  will
                  continue  to be paid  until  the end of that  period  and then
                  cease.

            AUTOMATIC  ELECTION  PROVISION.  If on your required beginning date,
      you  have  not  met the  requirements  for  starting  income  benefits  as
      described  in section  42,  you will be deemed to have  chosen the form of
      benefit  distribution,  if any,  specified  by the terms of your  employer
      plan,  if such  form of  benefit  is  available  under  this  certificate.
      Otherwise, you will be deemed to have chosen a one-life annuity if you are
      then  single,  or the  "half  benefit  to  second  annuitant"  form of the
      two-life annuity if you are then married,  each with a 10-year  guaranteed
      period, if allowed under federal tax law.

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44.   POST-MORTEM  PAYMENTS DURING A GUARANTEED PERIOD. Any periodic payments or
      other amounts  remaining due after your death and the death of your second
      annuitant,  if any,  during a guaranteed  period will be paid to the payee
      named to  receive  them.  You name the  payee at the time you  choose  the
      income option,  as described in section 74. You may later change the named
      payee. If you choose a two-life  annuity,  your surviving second annuitant
      may change the named payees after your death, unless you direct otherwise.

            A payee may choose to receive in one sum the  commuted  value of any
      remaining periodic payments that do not involve life contingencies, unless
      you direct otherwise.  If no payee was named to receive these payments, or
      if no one so named is then living, we will pay the remaining  payments due
      or the commuted  value of the  remaining  periodic  payments in one sum to
      your estate,  or to the estate of the last survivor of you and your second
      annuitant if you chose a two-life annuity.

            If a payee receiving payments during a guaranteed period option dies
      while payments  remain due, the commuted  value of any remaining  payments
      due to that person will be paid to any other  surviving payee that you (or
      your second  annuitant) had named to receive them. If no payee so named is
      then  living,  the  commuted  value will be paid to the estate of the last
      payee who was receiving these benefit payments.

45.   The  AMOUNT  OF  PERIODIC  INCOME  BENEFIT  will be  determined  as of the
      effective date for the income benefit by:

            A)    the amount of your Traditional Annuity accumulation applied to
                  provide the income benefit;

            B)    the rate  schedule or  schedules  under which any premiums and
                  internal transfers were applied
                           to your Traditional Annuity accumulation;

            C)    the income option you choose;

            D)    if you choose a one-life annuity, your age; and

            E)    if you choose a  two-life  annuity,  your age and your  second
                  annuitant's age.

            If your income  benefit  would be less than $100 a month,  TIAA will
      have the right to change to  quarterly,  semi-annual  or annual  payments,
      whichever  will  result  in  payments  of $100 or  more  and the  shortest
      interval between payments.  If different rate schedules apply to different
      parts of your  Traditional  Annuity  accumulation,  the portion applied to
      provide the income benefit  chosen will be allocated  among the parts on a
      pro-rata basis.

                              PART G: DEATH BENEFIT

46.   PAYMENT  OF THE  DEATH  BENEFIT.  If you  die  before  your  certificate's
      maturity date, the death benefit will be payable to your  beneficiary.  We
      must receive the  following in a form  acceptable to TIAA before any death
      benefit will be paid:

            A)    proof of your death;

            B)    the choice of a method of payment as  provided  in section 48;
                  and

            C)    proof of the beneficiary's age if the method of payment chosen
                  is the one-life annuity.

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            Payment under the  single-sum  payment method will be made effective
      as of the date we receive these items;  payment under the one-life annuity
      method of payment will be effective  and begin no later than the first day
      of the month after we have received these items.

            Upon   receipt  of  proof  of  your  death,   we  will  divide  your
      accumulation  into  as many  portions  as  there  are  validly  designated
      beneficiaries for your  certificate.  If different rate schedules apply to
      different parts of your Traditional  Annuity  accumulation,  the resulting
      portions  will be  allocated  among the parts on a  pro-rata  basis.  Each
      validly designated  beneficiary will then have the right to make elections
      available under this  certificate in connection with his or her portion of
      the accumulation.

47.   NAMING YOUR BENEFICIARY. Beneficiaries are persons you name to receive the
      death benefit if you die before your  certificate's  maturity date. At any
      time before your  certificate's  maturity  date,  you may,  subject to the
      terms  of  your  employer  plan,   name,   change,   add  or  delete  your
      beneficiaries  by written  notice to TIAA,  as explained in section 74. If
      your accumulation is subject to spousal rights,  then your right to name a
      beneficiary  for the death benefit is subject to the rights of your spouse
      as described in Part J.

            You can name two classes of  beneficiaries,  primary and contingent,
      which set the order of payment.  At your death, your beneficiaries are the
      surviving  primary  beneficiary or beneficiaries  you named. If no primary
      beneficiary  survives you, your beneficiaries are the surviving contingent
      beneficiary or beneficiaries you named. The share of any named beneficiary
      in a class who does not survive  will be  allocated in equal shares to the
      beneficiaries  in such class who do survive,  even if you've  provided for
      these beneficiaries to receive unequal shares.

            The death  benefit  will be paid to your  estate in one sum if:  you
      name your estate as  beneficiary;  or none of the  beneficiaries  you have
      named is alive at the time of your  death;  or at your death you had never
      named a beneficiary. If distributions to a named beneficiary are barred by
      operation of law, the death benefit will be paid to your estate.

            If at your death any  distribution  of the death benefit would be in
      conflict with any rights of your spouse under law that were not previously
      waived,  TIAA will pay the death benefit in accordance  with your spouse's
      rights, as described in section 61.

48.   METHODS OF PAYMENT are the ways in which your  beneficiary may receive the
      death  benefit.  The  single-sum  payment  method is  available  from your
      Traditional  Annuity  and Real  Estate  Account  accumulations.  The other
      methods are available from the Traditional  Annuity only. Your beneficiary
      can,   however,   transfer  some  or  all  of  your  Real  Estate  Account
      accumulation to the  Traditional  Annuity in order to receive that portion
      of the  death  benefit  under a  method  of  payment  available  from  the
      Traditional  Annuity.  Your  beneficiary  can also transfer some or all of
      your  accumulation  to CREF in order to receive  that portion of the death
      benefit  under a method of payment  offered by CREF.  Such transfer can be
      for all of your  accumulation,  or for any  part  thereof  not  less  than
      $1,000.

            You may choose the method of payment  and change  your choice at any
      time before payments begin.  After your death, your beneficiary may change
      the method chosen by you, if you so provide. If you do not choose a method
      of payment,  your  beneficiary will make the choice when he or she becomes
      entitled to  payments.  If the amount of the death  benefit due to any one
      beneficiary is less than $5,000, TIAA may change the method of payment for
      the  portion  of the death  benefit  payable  to that  beneficiary  to the
      single-sum  payment  method.  The right to elect a method  or change  such
      election may be limited in accordance with section 80.

            A  beneficiary  may not begin to receive the death benefit under the
      one-life  annuity method after he or she attains age 90. If you die before
      your certificate's maturity date and

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      have chosen the one-life annuity method for a beneficiary who has attained
      age 90, he or she must  choose  another  method.  Any  choice of method or
      change of such choice must be made by written notice to TIAA, as explained
      in section 74.

            Generally, the distribution of the death benefit under any method of
      payment  must be made  over the  lifetime  of your  beneficiary  or over a
      period not to exceed your beneficiary's life expectancy.

            If the  plan  administrator  for  your  employer  plan or his or her
      designee  notifies us that  distribution  from your certificate must begin
      under the  minimum  distribution  rules of federal  tax law, we will begin
      distributions satisfying such requirements.

            The distribution of the death benefit under a method of payment must
      be made in such a form and begin at such date as meets the requirements of
      the IRC and the regulations thereunder.  If such method of payment has not
      been  chosen to begin by that  date,  we will elect a method of payment in
      accordance   with  the   requirements  of  the  IRC  and  any  regulations
      thereunder. The following are the methods of payment:

            SINGLE-SUM  PAYMENT.   The  death  benefit  will  be  paid  to  your
            beneficiary in one sum.

            ONE-LIFE  ANNUITY.  A payment will be made to your  beneficiary each
            month  for  life.  A  guaranteed  period  of 10 or 20  years  may be
            included.  If a guaranteed period isn't included,  all payments will
            cease at the death of your  beneficiary.  If a guaranteed  period is
            included  and your  beneficiary  dies before the end of that period,
            monthly payments will continue until the end of that period and then
            cease, as explained in section 50.

49.   The AMOUNT OF DEATH  BENEFIT  PAYMENTS  will be  determined as of the date
      payments are to begin by:

            A)    the amount of your Traditional Annuity accumulation applied to
                  the method of payment;

            B)    the rate  schedule or  schedules  under which any premiums and
                  internal  transfers were applied to your  Traditional  Annuity
                  accumulation;

            C)    the method of payment chosen for the death benefit; and

            D)    if the method chosen is the one-life annuity,  the age of your
                  beneficiary.

            If any method  chosen  would  result in payments of less than $100 a
      month,  TIAA will have the right to  require a change in choice  that will
      result in payments of at least $100 a month.  If different  rate schedules
      apply to different parts of your  Traditional  Annuity  accumulation,  the
      portion  applied to provide the death  benefit  chosen  will be  allocated
      among the parts on a pro-rata basis.

50.   PAYMENTS AFTER THE DEATH OF A BENEFICIARY.  Any periodic payments or other
      amounts  remaining  due  after  the  death  of your  beneficiary  during a
      guaranteed  period  will  be  paid  to the  payee  named  by  you or  your
      beneficiary  to receive  them,  by written  notice to TIAA as explained in
      section 74. The  commuted  value of these  payments may be paid in one sum
      unless we are directed otherwise.

            If no payee has been named to receive these  payments,  or if no one
      so named is living at the death of your  beneficiary,  the commuted  value
      will be paid in one sum to your beneficiary's estate.

            If a payee  receiving  these  payments  dies  before  the end of the
      guaranteed  period,  the  commuted  value of any  payments  still due that
      person  will be paid to any other payee named

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      to receive  it. If no one has been so named,  the  commuted  value will be
      paid to the estate of the last payee who was receiving these payments.

                           PART H: INTERNAL TRANSFERS

51.   AVAILABILITY  OF  INTERNAL  TRANSFERS.   You  may  transfer  between  your
      Traditional   Annuity   accumulation   and  your   Real   Estate   Account
      accumulation.   In  addition,  you  may  transfer  all  or  part  of  your
      Traditional Annuity  accumulation or your Real Estate Account accumulation
      to your companion CREF certificate, if any. If you have an accumulation in
      a companion CREF  certificate,  you may transfer from that  certificate to
      this certificate. TIAA reserves the right to limit internal transfers from
      each of your Traditional Annuity accumulation and your Real Estate Account
      accumulation to not more than one in a calendar quarter. TIAA reserves the
      right to stop  accepting  internal  transfers to the  Traditional  Annuity
      and/or  internal  transfers  to the Real Estate  Account at any time.  Any
      internal transfer to or from CREF is subject to the terms of the companion
      CREF  certificate  and CREF's Rules of the Fund.  Your  employer  plan may
      limit your right to  transfer  to the  Traditional  Annuity,  Real  Estate
      Account and/or to a CREF account.

52.   AMOUNT OF INTERNAL  TRANSFER.  You can  transfer  all of your  Traditional
      Annuity accumulation or your Real Estate Account accumulation, or any part
      of either  account not less than  $1,000.  If you choose to transfer  from
      your Traditional Annuity  accumulation,  the amount to be transferred will
      be reduced by any surrender  charge in accordance with the applicable rate
      schedule or schedules.

            An internal  transfer reduces the accumulation from which it is paid
      by the amount transferred, including any surrender charge. If you transfer
      from your  Traditional  Annuity  accumulation and different rate schedules
      apply  to  different  parts of the  accumulation,  the  reduction  will be
      allocated among the parts on a pro rata basis.

53.   EFFECTIVE  DATE  OF  INTERNAL  TRANSFER.  An  internal  transfer  will  be
      effective  as of the end of the  business  day in  which we  receive  your
      written request for an internal transfer. You may defer the effective date
      of the internal  transfer  until any business  day  following  the date on
      which we receive your written  request.  TIAA will determine all values as
      of the end of the  effective  date.  You  can't  revoke a  request  for an
      internal transfer after its effective date.

54.   SYSTEMATIC TRANSFERS. You may elect to have transfers made on a systematic
      basis. Systematic transfers may be made semi-monthly,  monthly, quarterly,
      semi-annually or annually.  Semi-monthly transfers are made twice a month,
      with the second  payment  scheduled 14 days after the first  payment.  You
      choose which day the transfer  will be made,  except that if the date of a
      scheduled transfer is not a business day, the transfer will be made on the
      following  business day. Transfers will continue until you tell us to stop
      or  your   Traditional   Annuity   accumulation  or  Real  Estate  Account
      accumulation is insufficient to support the transfer. Systematic transfers
      are subject to all the provisions  described  above for transfers,  except
      that a reduced minimum amount of $100 applies to such transfers.

55.   CREDITING  INTERNAL  TRANSFERS.  Internal  transfers  to your  Traditional
      Annuity accumulation are credited to the Traditional Annuity as of the end
      of the effective date of the internal transfer and begin  participation in
      the  Traditional  Annuity as of the following day.  Internal

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      transfers to your Real Estate Account accumulation  purchase  accumulation
      units as of the end of the effective date of the internal transfer.

                            PART I: LUMP-SUM BENEFITS

56.   AVAILABILITY  OF THE  LUMP-SUM  BENEFIT.  You may,  subject  to the limits
      described  below,  withdraw as a lump-sum  benefit all of your Traditional
      Annuity  accumulation  or Real Estate  Account  accumulation,  or any part
      thereof not less than $1,000.  TIAA  reserves the right to limit  lump-sum
      benefits from each of your Traditional Annuity  accumulation and your Real
      Estate Account  accumulation to not more than one in a calendar quarter. A
      lump-sum  benefit will not be available before the earliest date permitted
      under your employer plan. The  availability  of a lump-sum  benefit may be
      limited by your employer plan. If you have a severance of employment  with
      your employer,  we may choose to distribute your  accumulation to you as a
      lump-sum benefit (without  surrender  charge) in accordance with the terms
      of  your   employer  plan  subject  to  the   restrictions   on  mandatory
      distributions under the IRC.

            If you are married,  your right to receive a lump-sum benefit may be
      subject to the rights of your spouse as described in Part J.

            Federal tax law may restrict distributions, as described in Part K.

57.   EFFECTIVE DATE OF A LUMP-SUM BENEFIT.  Any choice of lump-sum benefit must
      be made by written notice to TIAA on or before your certificate's maturity
      date, as explained in section 74. A lump-sum  benefit will be effective as
      of the business day on which we receive, in a form acceptable to TIAA:

            A)    your request for a lump-sum benefit; and

            B)    if  your   accumulation  is  subject  to  the  spousal  rights
                  described in Part J, a waiver of spouse's rights or proof that
                  you are not married.

            You may choose to defer the effective  date of the lump-sum  benefit
      until any  business day  following  the date on which we receive the above
      requirements.  TIAA  will  determine  all  values  as of  the  end  of the
      effective  date.  You can't revoke a request for a lump-sum  benefit after
      its effective date.

            TIAA may defer the payment of a Traditional Annuity lump-sum benefit
      for up to six months.

58.   PAYMENT OF A LUMP-SUM BENEFIT. A lump-sum benefit may be paid:

            A)    to you as a cash withdrawal;

            B)    to another  funding vehicle as a direct transfer under federal
                  tax law; or

            C)    to a TIAA  IRA  contract,  a  CREF  IRA  certificate,  or to a
                  funding  vehicle whether or not it is offered by TIAA or CREF,
                  as a tax-free rollover as permitted in section 75.

59.   AMOUNT OF A LUMP-SUM  BENEFIT.  If you choose a lump-sum benefit from your
      Traditional  Annuity  accumulation,  we  will  pay  the  portion  of  your
      Traditional Annuity  accumulation you choose, less any surrender charge in
      accordance with the applicable rate schedule or

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      schedules.  If you choose a lump-sum benefit from your Real Estate Account
      accumulation,  we  will  pay  the  portion  of your  Real  Estate  Account
      accumulation you choose.

            Payment of a lump-sum benefit reduces the accumulation from which it
      is paid by the amount  chosen,  including  any  surrender  charge.  If you
      choose a lump-sum benefit from your Traditional  Annuity  accumulation and
      different rate schedules  apply to different  parts of your  accumulation,
      the reduction will be allocated among the parts on a pro-rata basis.

60.   SYSTEMATIC WITHDRAWALS.  You may elect to have lump-sum benefits made on a
      systematic  basis.   Systematic  withdrawals  may  be  made  semi-monthly,
      monthly,  quarterly,  semi-annually or annually.  Semi-monthly withdrawals
      are made twice a month,  with the second  payment  scheduled 14 days after
      the first payment. You choose which day the lump-sum benefit will be paid,
      except that if the date of a scheduled  lump-sum benefit is not a business
      day,  it will be paid on the  following  business  day.  Withdrawals  will
      continue  until  you  tell  us to  stop  or  until  the  portion  of  your
      Traditional Annuity  accumulation or your Real Estate Account accumulation
      is  insufficient  to support the  withdrawal.  Systematic  withdrawals are
      subject  to all the  provisions  described  above for  lump-sum  benefits,
      except that a reduced minimum amount of $100 applies.

                       PART J: SPOUSE'S RIGHTS TO BENEFITS

61.   SPOUSE'S RIGHTS TO BENEFITS.  If you are married,  and all or part of your
      accumulation is attributable to contributions made under:

            A)    an employer plan subject to ERISA; or

            B)    an employer plan that provides for spousal rights to benefits;

      then,  only to the extent  required by the IRC, ERISA or the terms of your
      employer plan,  your rights to choose  certain  benefits are restricted by
      the rights of your spouse to benefits as follows:

            SPOUSE'S  SURVIVOR  RETIREMENT  BENEFIT.  If you are  married on the
            effective  date of an income  benefit,  the income  benefits must be
            paid under a two-life annuity with your spouse as second annuitant.

            SPOUSE'S   SURVIVOR   DEATH   BENEFIT.   If  you  die  before   your
            certificate's  maturity  date  and your  spouse  survives  you,  the
            payment  of the  death  benefit  to your  named  beneficiary  may be
            subject to your spouse's right to receive a death benefit.  Under an
            employer plan subject to ERISA, your spouse has the right to a death
            benefit   of  at  least  50%  of  any  part  of  your   accumulation
            attributable  to  contributions  made  under  such  plan.  Under  an
            employer  plan not subject to ERISA,  your spouse may have the right
            to a death benefit in the amount stipulated in the plan.

            Your  spouse  may  consent to a waiver of his or her rights to these
            benefits, as explained in section 62.

62.   WAIVER OF SPOUSE'S RIGHTS. If you are married, your spouse must consent to
      a waiver of his or her rights to survivor benefits before you can choose:

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            A)    an income  option  other  than a  two-life  annuity  with your
                  spouse as second  annuitant;  or

            B)    beneficiaries  who are not  your  spouse  for  more  than  the
                  percentage of the death benefit allowed by your employer plan;
                  or

            C)    a lump-sum benefit.

            In order to waive the rights to spousal survivor  benefits,  we must
      receive,  in a form  satisfactory  to  TIAA,  your  spouse's  consent,  or
      satisfactory  verification that your spouse cannot be located. A waiver of
      rights with respect to an income option or a lump-sum benefit must be made
      in accordance with the IRC,  ERISA,  or the applicable  provisions of your
      employer plan. A waiver of the survivor death benefit may not be effective
      if it is made prior to the earlier of the plan year in which you reach age
      35 or the severance of your employment with your employer.

            Verification  of your  marital  status  may be  required,  in a form
      satisfactory to TIAA, for purposes of establishing your spouse's rights to
      benefits  or a waiver  of these  rights.  You may  revoke a waiver of your
      spouse's  rights to a survivor death benefit or a lump-sum  benefit at any
      time during your lifetime.  You may revoke a waiver of your spouse's right
      to a survivor  retirement  benefit,  for income benefits that have not yet
      begun,  at any time during your lifetime and before the effective  date of
      the income benefit. Your spouse may not revoke a consent after the consent
      has been given.

63.   LIABILITY OF TIAA. Any action taken by TIAA in good faith before receiving
      written notice of a waiver of rights included in this  certificate,  or of
      revocation of such waiver,  will not subject TIAA to liability because our
      acts were contrary to what was stated in such waiver or revocation.

            PART K: RESTRICTIONS ON DISTRIBUTIONS AND INCOME BENEFITS

64.   IRC SECTION 401(k) PLANS. IRC Section 401(k) prohibits the distribution of
      the portion of your accumulation attributable to premiums paid as elective
      deferrals, except as a tax-free transfer to another funding vehicle, until
      you:

            A)    attain age 59 1/2, in the case of a profit-sharing plan;

            B)    have a severance from  employment with respect to the employer
                  under whose plan the aforementioned portion is attributable;

            C)    die;

            D)    become disabled within the meaning of IRC Section 72(m)(7);

            E)    encounter  financial  "hardship"  within  the  meaning  of IRC
                  Section 401(k);

      or, if earlier,  upon the occurrence of any of the events described in IRC
      Section 401(k)(10).

            In the  case of  hardship,  IRC  Section  401(k)  requires  that any
      earnings credited after December 31, 1988 be unavailable for distribution.

            Any request for an early withdrawal due to disability,  hardship, or
      severance  from   employment  must  be  submitted  with  evidence  of  the
      disability,  hardship,  or severance from employment on forms satisfactory
      to TIAA and not inconsistent with applicable law.

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65.   IRC SECTION  403(b) PLANS.  IRC Section 403(b) limits  distributions  from
      your   certificate.   In  general,   IRC  Section  403(b)   prohibits  the
      distribution to you of the portion of your accumulation equal to:

            A)    amounts  attributable to funds transferred to this certificate
                  from  a  custodial  account   established  under  IRC  Section
                  403(b)(7); plus

            B)    amounts  attributable  to  premiums  paid  to an  IRC  Section
                  403(b)(1)  annuity  contract  as  elective  deferrals  under a
                  salary reduction  agreement (within the meaning of IRC Section
                  403(b)(11)); less

            C)    the value,  if any, of the amounts  described in B) determined
                  as of December 31, 1988.

      until you:

            (1)   reach age 59 1/2;

            (2)   have a severance from  employment with respect to the employer
                  under whose plan the aforementioned portion is attributable;

            (3)   die;

            (4)   become disabled within the meaning of IRC Section 72(m)(7); or

            (5)   encounter  financial  "hardship"  within  the  meaning  of IRC
                  Section 403(b).

            In the case of hardship,  IRC Section 403(b) generally requires that
      any earnings credited after December 31, 1988 and any  contributions  paid
      after  December  31, 1988 to a  custodial  account  established  under IRC
      Section 403(b)(7) that are not elective deferrals under a salary reduction
      agreement, will not be available for distribution.

            Any request for an early withdrawal due to disability,  hardship, or
      severance  from   employment  must  be  submitted  with  evidence  of  the
      disability,  hardship,  or severance from employment on forms satisfactory
      to TIAA and must not be inconsistent with applicable law.

                           PART L: GENERAL PROVISIONS

66.   EMPLOYER PLAN FEE WITHDRAWALS.  The contractholder may, in accordance with
      the terms of your employer plan, and with TIAA's  approval,  instruct TIAA
      to withdraw amounts from your accumulation under this certificate,  to pay
      fees associated with the administration of the plan.

            TIAA  reserves the right to suspend or reinstate  its approval for a
      plan to make such withdrawals from your certificate.

            The amount and the effective date of an employer plan fee withdrawal
      will be in  accordance  with the terms of your  employer  plan.  TIAA will
      determine all values as of the end of the effective date. An employer plan
      fee withdrawal cannot be revoked after it has been applied.

            An employer plan fee withdrawal  reduces the accumulation from which
      it is paid by the amount withdrawn.

            No surrender charge applies to employer plan fee withdrawals.

            If a portion of an employer  plan fee  withdrawal  is paid from your
      TIAA Traditional  Annuity  accumulation and different rate schedules apply
      to different  parts of your  accumulation,  such portion of the withdrawal
      will be deducted from among the parts on

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      a pro-rata basis.

67.   INSULATION  OF THE  SEPARATE  ACCOUNT.  TIAA owns the  assets in  separate
      account VA-2.  To the extent  permitted by law, the assets of the separate
      account  will not be charged  with  liabilities  arising  out of any other
      business TIAA may conduct.  All income,  investment  gains and  investment
      losses of the separate account,  whether or not realized, will be credited
      to or charged  against  only that account  without  regard to TIAA's other
      income, gains or losses.

68.   DELETION  OF THE REAL  ESTATE  ACCOUNT.  TIAA may delete  the Real  Estate
      Account.  If the Real  Estate  Account  is deleted  and was,  at any time,
      available  under the terms of your employer  plan,  then a companion  CREF
      certificate will be issued to you at the time of the deletion,  if one had
      not been previously  issued to you. If you own  accumulation  units in the
      Real  Estate  Account and it is deleted,  you must  transfer  them to your
      Traditional Annuity accumulation or to your companion CREF certificate. If
      you  don't  tell us where  to  transfer  your  accumulation  units,  we'll
      transfer them in accordance with the terms of your employer plan.

69.   REPORT OF ACCUMULATION.  At least once each year, we will provide you with
      a report  for your  certificate  showing  the  value of your  accumulation
      (death benefit) as of a date specified in the report.

70.   NO LOANS. This certificate does not provide for loans.

71.   NO  ASSIGNMENT  OR TRANSFER.  Neither you nor any other person may assign,
      pledge,  or transfer  ownership of this  certificate or any benefits under
      its terms. Any such action will be void and of no effect.

72.   PROTECTION  AGAINST CLAIMS OF CREDITORS.  The benefits and rights accruing
      to you or any other  person  under this  certificate  are exempt  from the
      claims of creditors or legal  process to the fullest  extent  permitted by
      law.

73.   VESTING.  Subject to your employer plan, the right to receive and exercise
      every benefit,  option,  right and privilege conferred by this certificate
      may not be immediately  vested in you. In that case, your right to receive
      and exercise such benefits,  options,  rights and privileges will commence
      on your vesting date as determined in accordance with your employer plan.

74.   PROCEDURE FOR ELECTIONS AND CHANGES. You (or your beneficiaries after your
      death) have to make any choice or changes available under your certificate
      in a form  acceptable  to TIAA at our home  office in New York,  NY, or at
      another location that we designate.  If you (or your  beneficiaries  after
      your death) send us a notice changing your  beneficiaries or other persons
      named to  receive  payments,  it will  take  effect  as of the date it was
      signed  even if you (or any  other  signer)  then die  before  the  notice
      actually  reaches  TIAA.  Any other notice will take effect as of the date
      TIAA receives it. If TIAA takes any action in good faith before  receiving
      the  notice,  we won't  be  subject  to  liability  even if our acts  were
      contrary to what was stated in the notice.

            For purposes of determining the effective dates of any transactions,
      transaction  requests  will only be deemed to have been received when they
      are  received by TIAA,  or its  appropriately  designated  agent,  in good
      order, in accordance with procedures established by

--------------------------------------------------------------------------------
                                                                         Page 20
<PAGE>

YOUR TIAA RETIREMENT SELECT PLUS CERTIFICATE
--------------------------------------------------------------------------------

      TIAA or as required by law. TIAA reserves the right to limit the number of
      transactions that you may make effective on a single business day.

75.   RIGHT TO A TAX-FREE  ROLLOVER.  If you or your  surviving  spouse (or your
      spouse or former spouse as an alternate payee under a "qualified  domestic
      relations  order," as defined in the IRC) receive a distribution from your
      certificate which qualifies as an eligible rollover distribution under IRC
      Section  402(c)(4),  any portion of it may be paid as a direct rollover to
      an eligible retirement plan. An eligible retirement plan is, to the extent
      permitted  by law,  a plan  satisfying  the  requirements  of IRC  Section
      401(a),  403(a),  403(b),  408 or to the extent that the plan sponsor is a
      state or local government, Section 457(b).

            Retirement plans eligible for such rollovers may, in the future,  be
      changed by law. If such changes become effective, your certificate will be
      governed by the laws and regulations then applicable.

76.   PAYMENT TO AN ESTATE,  TRUSTEE, ETC. TIAA reserves the right to pay in one
      sum  the  commuted  value  of any  benefits  due an  estate,  corporation,
      partnership,  trustee or other  entity that isn't a natural  person.  TIAA
      won't be  responsible  for the acts or neglects of any executor,  trustee,
      guardian, or other third party receiving payments under this certificate.

            If you  designate a trustee of a trust as  beneficiary,  TIAA is not
      obliged to inquire into the terms of the underlying trust or any will.

            If death  benefits  become  payable to the  designated  trustee of a
      testamentary trust, but:

            A)    no qualified  trustee makes claim for the benefits within nine
                  months after your death; or

            B)    evidence  satisfactory to TIAA is presented at any time within
                  such nine-month  period that no trustee can qualify to receive
                  the benefits due,

      payment will be made to the successor beneficiaries, if any are designated
      and  survive  you;  otherwise  payment  will be made to the  executors  or
      administrators of your estate.

            If benefits  become  payable to an  INTER-VIVOS  trustee (the person
      appointed to execute a trust created during an individual's lifetime), but
      the trust is not in effect or there is no qualified trustee,  payment will
      be made to the successor beneficiaries,  if any are designated and survive
      you;  otherwise payment will be made to the executors or administrators of
      your estate.

            Payment  to  any  trustee,   successor  beneficiary,   executor,  or
      administrator,  as provided for above,  shall fully satisfy TIAA's payment
      obligations under this certificate to the extent of such payment.

77.   SERVICE OF PROCESS  UPON TIAA.  We will  accept  service of process in any
      action or suit  against us on this  certificate  in any court of competent
      jurisdiction  in the United States or Puerto Rico provided such process is
      properly  made.  We will also accept such process sent to us by registered
      mail if the  plaintiff  is a  resident  of the  jurisdiction  in which the
      action or suit is brought.  This section does not waive any of our rights,
      including the right to remove such action or suit to another court.

78.   BENEFITS BASED ON INCORRECT  DATA. If the amount of benefits is determined
      by data  as to a  person's  age or sex  that is  incorrect,  the  benefits
      payable will be such as the premium paid would have purchased based on the
      correct data. Any amounts  underpaid by TIAA on the basis of the incorrect
      data will be paid at the time the correction is made. Any amounts overpaid
      by TIAA on the basis of the  incorrect  data will be charged  against  the
      payments

--------------------------------------------------------------------------------
                                                                         Page 21
<PAGE>

YOUR TIAA RETIREMENT SELECT PLUS CERTIFICATE
--------------------------------------------------------------------------------

      due after the  correction  is made.  Any  amounts so paid or charged  will
      include compound interest at the effective annual rate of 6% per year.

79.   PROOF OF SURVIVAL.  TIAA reserves the right to require  satisfactory proof
      that anyone named to receive  benefits under the terms of your certificate
      is alive on the date any  benefit  payment  is due.  If this  proof is not
      received after it has been requested in writing,  TIAA will have the right
      to make reduced payments or to withhold payments entirely until such proof
      is  received.  If under a  two-life  annuity  TIAA has  overpaid  benefits
      because of a death of which we were not notified, subsequent payments will
      be reduced or withheld until the amount of the overpayment,  plus compound
      interest at the effective annual rate of 6% per year, has been recovered.

80.   COMPLIANCE   WITH  LAWS  AND   REGULATIONS.   TIAA  will  administer  your
      certificate to comply with the  restrictions  of all laws and  regulations
      pertaining  to the terms and  conditions of your  certificate.  You cannot
      elect any benefit or  exercise  any right  under your  certificate  if the
      election of that benefit or exercise of that right is prohibited  under an
      applicable state or federal law or regulation.

            The choice of income options and effective  dates,  annuity starting
      date,  beneficiary  or second  annuitant,  method of  payment of the death
      benefit and effective date, and the availability of internal transfers and
      lump-sum  benefits  as set forth in this  certificate  are  subject to the
      applicable restrictions, distribution requirements, and incidental benefit
      requirements of ERISA and the IRC, and any rulings and regulations  issued
      under ERISA and the IRC.

81.   OVERPAYMENT  OF PREMIUMS.  Any  payments of premiums  made in error by the
      contractholder  in excess of those  required by the employer  plan will be
      refunded  to  the   contractholder   if   requested   in  writing  by  the
      contractholder prior to the certificate's maturity date subject,  however,
      to prior  transfers  or lump-sum  benefits  made from such funds.  TIAA is
      entitled  to rely  on  information  provided  by the  contractholder.  The
      contractholder  shall indemnify TIAA and hold TIAA harmless for any action
      taken in reliance on such request.

82.   CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form, or
      request  for  benefits  will be deemed to be  received  by us unless it is
      received at our home office in New York,  NY, or at another  location that
      we  designate.  All  benefits are payable at our home office or at another
      location that we designate.  If you have any questions about the contract,
      your certificate,  or inquiries about our service,  or if you need help to
      resolve a  problem,  you can  contact us at the  address  or phone  number
      below.

                                      TIAA
                                [730 Third Avenue
                             New York, NY 10017-3206
                            Telephone: 800 842-2733]

--------------------------------------------------------------------------------
                                                                         Page 22
<PAGE>

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
YOUR TIAA RETIREMENT SELECT PLUS CERTIFICATE
--------------------------------------------------------------------------------

83.   CHANGE  OF RATE  SCHEDULE.  We may,  at any time  and  from  time to time,
      substitute  a new rate  schedule for the one  currently  effective in your
      certificate.  A new rate schedule will apply only to benefits arising from
      any premiums and internal  transfers  applied to the  Traditional  Annuity
      while such rate  schedule  is in effect.  Any change in the rate  schedule
      will not affect the amount of  benefits  purchased  prior to the change by
      any premiums and internal transfers applied to the Traditional  Annuity. A
      change in the rate  schedule will be made only after we have given you and
      the  contractholder  three months'  written notice of the change.  Any new
      rate schedule will specify:

            A)    the charges for expenses and contingencies;

            B)    the  interest   rates  and  the   mortality   bases  used  for
                  determining  benefits  arising  from  amounts  applied  to the
                  Traditional Annuity; and

            C)    any  applicable  surrender  charges on lump-sum  benefits  and
                  internal   transfers  arising  from  amounts  applied  to  the
                  Traditional Annuity.

--------------------------------------------------------------------------------
                                                                        Page RS0
<PAGE>

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
YOUR TIAA RETIREMENT SELECT PLUS CERTIFICATE
--------------------------------------------------------------------------------

                                  RATE SCHEDULE

      RATE SCHEDULE.  The benefits bought by any premiums and internal transfers
      applied to the  Traditional  Annuity while this rate schedule is in effect
      will be computed on this basis:

            (1)   no  deduction  for expenses or  contingencies,  except for any
                  premium taxes incurred by TIAA for your certificate and except
                  for any employer plan fee  withdrawals in accordance  with the
                  terms of your employer plan;

            (2)   interest  from  the end of the day on  which  the  premium  or
                  internal transfer is credited, to the date that such amount is
                  deducted  from  the  Traditional  Annuity   accumulation,   in
                  accordance with section 35, as follows:

                  For premiums and internal transfers applied to the Traditional
                  Annuity in any calendar  year,  the minimum  effective  annual
                  interest  rate,  to be  credited  will be set equal to the CMT
                  less 0.0125,  rounded to the nearest 0.0005,  provided however
                  that the minimum rate will never be less than 1.5% nor greater
                  than  3%.  For  each  calendar  year,  the CMT is the  average
                  five-year  Constant  Maturity  Treasury  Rate  reported by the
                  Federal   Reserve  for  the  calendar   month  of  [November],
                  preceding that year.

                  We may make future changes to the choice of calendar month for
                  which the average  five-year  Constant  Maturity Treasury Rate
                  will be used to set the CMT.  Any such change will be effected
                  only after  obtaining any approvals  required by the insurance
                  regulatory  authority of the jurisdiction shown on page 3, and
                  will also be made to all other  certificates  written  on this
                  form and delivered in that jurisdiction.  Any such change will
                  be made only  after we have  given you three  months'  written
                  notice.

            (3)   interest  at the  effective  annual  rate of 2% after the date
                  that payments begin under a one-life or two-life annuity; and

            (4)   mortality  according  to  the  Annuity  2000  Mortality  Table
                  (Merged  Gender Mod C),  with ages set back  three  months for
                  each  completed  year  between  December 31, 2000 and the date
                  that payments begin under a one-life or two-life annuity.

      A  SURRENDER  CHARGE of 0% will be assessed  against any of the  following
      paid from the portion of your  Traditional  Annuity  accumulation  arising
      from premiums and internal  transfers  applied to the Traditional  Annuity
      while this rate schedule is in effect:

            A)    lump-sum benefits paid to you as a cash withdrawal;

            B)    lump-sum  benefits paid to another funding vehicle as a direct
                  transfer under federal tax law;

            C)    internal transfers; and

            D)    rollovers.

      These  rate  guarantees   cease  to  apply  to  any  Traditional   Annuity
      accumulations  that you  transfer  to the Real  Estate  Account or to your
      companion CREF certificate, if any.

--------------------------------------------------------------------------------
                                                                        Page RS1
<PAGE>

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
YOUR TIAA RETIREMENT SELECT PLUS CERTIFICATE
--------------------------------------------------------------------------------

      BETTERMENT OF RATES.  When you or your beneficiary  begin benefits under a
      one-life or two-life annuity, we will compute any benefits provided by the
      portion of your Traditional  Annuity  accumulation  resulting from amounts
      applied to the  Traditional  Annuity while this rate schedule is in effect
      on the basis stated above, or, if it produces a larger guaranteed benefit,
      on the  basis  then in use  for any  single  premium  immediate  annuities
      offered by TIAA to contracts of the same class as the contract under which
      this certificate is issued.

<TABLE>
<CAPTION>
============================================================================================================
                      GUARANTEED ANNUAL AMOUNT OF INCOME BENEFITS UNDER THE ONE-LIFE
                               ANNUITY WITH 10-YEAR GUARANTEED PERIOD OPTION
                                PROVIDED BY $10,000 FROM YOUR ACCUMULATION
                                    (ASSUMING A PREMIUM TAX RATE OF 0%)

                           One-twelfth of the amount shown is payable each month
------------------------------------------------------------------------------------------------------------
  Adjusted Age     Annual Amount of    Adjusted Age    Annual Amount of    Adjusted Age   Annual Amount of
  When Payments     Monthly Benefit    When Payments    Monthly Benefit    When Payments   Monthly Benefit
      Begin            Payments            Begin           Payments            Begin          Payments
------------------------------------------------------------------------------------------------------------
<S>    <C>              <C>                 <C>             <C>                 <C>            <C>
       40               $305.99             57              $383.81             74             $553.18
       41               $309.20             58              $390.38             75             $568.43
       42               $312.54             59              $397.25             76             $584.44
       43               $316.02             60              $404.44             77             $601.22
       44               $319.65             61              $411.96             78             $618.78
       45               $323.43             62              $419.85             79             $637.13
       46               $327.38             63              $428.13             80             $656.25
       47               $331.50             64              $436.82             81             $676.14
       48               $335.79             65              $445.95             82             $696.74
       49               $340.27             66              $455.55             83             $718.03
       50               $344.94             67              $465.65             84             $739.91
       51               $349.82             68              $476.29             85             $762.31
       52               $354.90             69              $487.50             86             $785.11
       53               $360.20             70              $499.31             87             $808.15
       54               $365.73             71              $511.75             88             $831.28
       55               $371.50             72              $524.86             89             $854.30
       56               $377.52             73              $538.66             90             $877.00
------------------------------------------------------------------------------------------------------------
</TABLE>

The yearly payments shown above are those that result from the application of an
accumulation  of $10,000  (assuming a premium tax rate of 0%) in the Traditional
Annuity to the  specified  income  option  when the  annuitant  has  attained an
adjusted  age as shown,  but has not passed the date on which that  adjusted age
was attained by as much as one month.

         The annuitant's  adjusted age equals the  annuitant's  actual age minus
three months for each completed year between December 31, 2000 and the date that
payments begin under a one-life or two-life annuity.  All ages used in computing
benefits are  calculated in completed  years and months.  Payments  beginning at
ages other than those shown, and under other income options, are computed on the
basis  stated  in the rate  schedule.  For  accumulations  other  than  $10,000,
payments will be proportionate.

================================================================================

                     GROUP FLEXIBLE PREMIUM DEFERRED ANNUITY
                        FIXED AND VARIABLE ACCUMULATIONS
                                NONPARTICIPATING

--------------------------------------------------------------------------------
                                                                        Page RS2
<PAGE>

              TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
                                     (TIAA)
                    730 THIRD AVENUE, NEW YORK, NY 10017-3206
                           TELEPHONE: [1-800-842-2733]

             ENDORSEMENT TO TIAA RETIREMENT SELECT PLUS CERTIFICATE

This  endorsement  is  part of your  agreement  with  TIAA.  The  purpose  of an
endorsement  is to make changes to the  provisions of your  Certificate.  Please
read this endorsement in conjunction with your Certificate.

THE PORTION OF THE PREMIUMS  PROVISION  PERTAINING  TO THE LIMITS OF IRC SECTION
402(g) IS DELETED.

THE  PROVISIONS  ENTITLED  STARTING  INCOME  BENEFITS  AND  EFFECTIVE  DATE OF A
LUMP-SUM BENEFIT ARE MODIFIED BY THE ADDITION OF THE FOLLOWING PROVISIONS:

      IRC Section 457(b) prohibits distributions or the payment of benefits from
      your accumulation under the plan, except as a tax-free transfer to another
      funding vehicle, until:

            A)    the calendar year in which you attain age 70 1/2;

            B)    you have a  severance  from  employment  with  respect  to the
                  employer  under  whose  plan  the  aforementioned  portion  is
                  attributable; or

            C)    you encounter an "unforeseeable  emergency" within the meaning
                  of IRC Section 457(d).

THE LAST  SENTENCE OF THE  AUTOMATIC  ELECTION  PROVISION  IS REPLACED  WITH THE
FOLLOWING:

      Otherwise,  you will be deemed to have chosen the  "One-Life  Annuity with
      10-Year Guaranteed Period" Option.

                                             /s/ Herbert M. Allison, Jr.
                                             ---------------------------
                                               CHAIRMAN, PRESIDENT AND
                                               CHIEF EXECUTIVE OFFICER

--------------------------------------------------------------------------------
                                                                         Page E1
<PAGE>

              TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
                      730 Third Avenue, New York, NY 10017

                      RETIREMENT SELECT PLUS (II) CONTRACT

RETIREMENT SELECT PLUS (II)
     CONTRACT NO.:  [xxxxxxxx]
CONTRACTHOLDER:  [National Academy of Sciences]
DATE OF ISSUE:  [January 1, 2004]

         This contract  ("the  Contract") was made and delivered in the State of
[New York], and is subject to the laws and regulations thereof.

         This contract is issued in  consideration of the payment of Premiums by
the  Contractholder  to Teachers  Insurance and Annuity  Association  of America
("TIAA").

         The Contract may be amended by agreement of TIAA and the Contractholder
without  the  consent of any other  person,  provided  that such change does not
reduce the then current Accumulation of any Annuitant,  or any benefit purchased
under the Contract up to that time.  TIAA may stop accepting  Premiums under the
Contract at any time.

         The provisions  contained on the following pages (the  Certificate) are
part of the Contract.

         /s/ E. Laverne Jones                /s/ Herbert M. Allison, Jr.
         --------------------                ---------------------------
            VICE PRESIDENT                     CHAIRMAN, PRESIDENT AND
        AND CORPORATE SECRETARY                CHIEF EXECUTIVE OFFICER

<PAGE>

              TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
                   730 THIRD AVENUE, NEW YORK, N.Y. 10017-3206
                            TELEPHONE: [800-842-2733]

                     RETIREMENT SELECT PLUS (II) CERTIFICATE

ANNUITANT: [John D. Professor]
CERTIFICATE NUMBER: [X-xxxxxx-x]
DATE OF ISSUE: [01 01 2004]

This  certificate  states  the  rights  that you,  the  annuitant,  have under a
Retirement Select Plus (II) contract (the Contract) issued by Teachers Insurance
and Annuity  Association  of America (TIAA) to the  contractholder.  PLEASE READ
YOUR CERTIFICATE. IT IS IMPORTANT.

                               GENERAL DESCRIPTION

All  premiums  for this  certificate  must be  remitted  under the terms of your
employer  program.  You may allocate your TIAA premiums  between the Traditional
Annuity and the Real Estate Account.

TRADITIONAL  ANNUITY.  Each premium allocated to the Traditional  Annuity buys a
definite amount of lifetime income for you, based on the rate schedule in effect
for your certificate at the time the premium is paid. Your  Traditional  Annuity
accumulation  will be credited with a guaranteed  interest rate, and may also be
credited with additional amounts declared by TIAA.

REAL ESTATE  ACCOUNT.  Each premium  allocated to the Real Estate Account buys a
number of  accumulation  units.  YOUR REAL ESTATE  ACCOUNT  ACCUMULATION  IS NOT
GUARANTEED,  AND MAY INCREASE OR DECREASE DEPENDING ON INVESTMENT  RESULTS.  The
Real Estate  Account  separate  account charge is guaranteed not to exceed 2.50%
per year of net assets.

You may  withdraw  all or part of your  accumulation  before your  certificate's
maturity date. You may transfer  between your Traditional  Annuity  accumulation
and your Real Estate Account accumulation, or from either of those accumulations
to  your  companion  CREF  certificate.   Withdrawals  and  transfers  from  the
Traditional  Annuity are subject to the surrender charges,  if any, specified in
your certificate's  rate schedule.  TIAA can establish new rate schedules in the
future,  but any such changes  would not affect  benefits  purchased  before the
change.

When you are ready to start receiving your income, you may choose an option from
among those described in your certificate.  If you die before your certificate's
maturity  date,  your  accumulation  will  provide  a  death  benefit  for  your
beneficiary.

THIS CERTIFICATE CANNOT BE ASSIGNED AND IT DOES NOT PROVIDE FOR LOANS.

If you have any  questions  about  your  certificate  or need help to  resolve a
problem, you can contact us at the address or phone number above.

         /s/ E. Laverne Jones                /s/ Herbert M. Allison, Jr.
         --------------------                ---------------------------
            VICE PRESIDENT                     CHAIRMAN, PRESIDENT AND
        AND CORPORATE SECRETARY                CHIEF EXECUTIVE OFFICER

                     GROUP FLEXIBLE PREMIUM DEFERRED ANNUITY
                        FIXED AND VARIABLE ACCUMULATIONS
                                NONPARTICIPATING

--------------------------------------------------------------------------------
                               INDEX ON NEXT PAGE                         Page 1
<PAGE>

YOUR TIAA RETIREMENT SELECT PLUS (II) CERTIFICATE
--------------------------------------------------------------------------------

                               INDEX OF PROVISIONS

<TABLE>
<CAPTION>
                                              SECTION                                                     SECTION
<S>                                                <C>      <C>                                               <C>
Accumulation
    - Definition....................................1       IRC................................................13
    - Real Estate Account..........................35       Lapse
    - Traditional Annuity..........................32           - Protection Against...........................31
Accumulation Units                                          Laws and Regulations
    - Definition...................................34           - Compliance with..............................70
    - Number of....................................38       Loans - No provision for...........................61
Additional Amounts.................................33       Lump-sum Benefit
Annuity Starting Date                                           - Amount.......................................56
    - Definition....................................2           - Availability of..............................53
    - Required Beginning...........................18           - Definition...................................14
Assignment - Void and of no effect.................62           - Effective Date...............................54
Benefits                                                        - Payment of...................................55
    - Based on Incorrect Data......................68           - Systematic Withdrawals.......................57
    - Requests for.................................73       Maturity Date......................................15
Business Day........................................4       Net Investment Factor..............................36
Certificate........................................25       Payee..............................................16
Claims of Creditors                                         Payment to an Estate, Trustee, etc.................66
    - Protection Against...........................63       Premiums
Commuted Value......................................5           - Allocation of................................29
Companion CREF Certificate.........................27           - Overpayment of...............................71
Contestability.....................................26           - Payment of...................................28
Contract                                                        - Taxes........................................30
    - Consists of..................................24       Proof of Survival..................................69
Contractholder......................................6       Rate Schedule
Correspondence with us.............................73           - Change of....................................74
Death Benefit                                                   - Definition...................................17
    - Amount of Payments...........................46       Real Estate Account
    - Beneficiary...................................3           - Deletion of..................................59
    - Definition....................................7       Report of Accumulation.............................60
    - Methods of Payment...........................45       Restrictions on Distributions
    - Naming Your Beneficiary......................44           - IRC Section 403(b)...........................72
    - Payment of...................................43       Second Annuitant...................................19
    - Payments after Death of Beneficiary..........47       Separate Account
Elections and Changes - Procedure for..............64           - Charge.......................................37
Employer  Program...................................8           - Definition...................................20
Funding Vehicle.....................................9           - Insulation of................................58
General Account....................................10       Service of Process upon TIAA.......................67
Income Benefit                                              Surrender Charge...................................21
    - Amount of Payments...........................42       Tax-Free Rollover
    - Definition...................................11           - Right to.....................................65
    - Options......................................40       Traditional Annuity................................22
    - Payments during a Guaranteed Period..........41       Valuation Day and Valuation Period.................23
    - Starting Payments............................39
Internal Transfers
    - Amount.......................................49
    - Availability.................................48
    - Crediting....................................52
    - Definition...................................12
    - Effective Date...............................50
    - Systematic...................................51
</TABLE>

--------------------------------------------------------------------------------
                                                                          Page 2
<PAGE>

YOUR TIAA RETIREMENT SELECT PLUS (II) CERTIFICATE
--------------------------------------------------------------------------------

                             PART A: ANNUITANT DATA

                         Annuitant:           [John D. Professor]
            Social Security Number:           [xxx-xx-xxxx]
                     Date of Birth:           [03 17 1963]
                        Issue Date:           [01 01 2004]
             Annuity Starting Date:           [04 01 2028]

               Certificate  Number:           [X-xxxxxx-x]
 Companion CREF Certificate Number:           [X-xxxxxx-x ]
        Retirement Select Plus (II)

                   Contract Number:           [xxxxxxxx]
                    Contractholder:           [National Academy of Sciences]
                          Employer:           [ABC University]

The contract  under which this  certificate  is issued is made and  delivered in
[the State of state], and is subject to the laws and regulations thereof.

The minimum Traditional Annuity  accumulation  interest rate is specified in the
rate schedule. The initial Traditional Annuity accumulation interest rate is [2]
%.

[The only variable  account  currently  available under this  certificate is the
Real Estate Account.]

                              VARIABLE TEXT ENTRIES

[The [beneficiary designation / premium allocation / beneficiary designation and
the premium  allocation]  in effect for your TIAA [RA, SRA, GRA, GSRA, (or other
product  name)]  annuity   [number   xxxxxxxx  (if   applicable)]   as  of  this
certificate's date of issue is now also in effect for this certificate. [You can
change your premium  allocation at any time,  as explained in the  Allocation of
Premiums section.]

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                     PART B: TERMS USED IN THIS CERTIFICATE

1.    Your  ACCUMULATION  is  equal  to the  sum  of  your  Traditional  Annuity
      accumulation  as  described  in  Part  D  and  your  Real  Estate  Account
      accumulation  as described in Part E. Your  accumulation  will provide the
      benefits described in your certificate.

2.    Your  ANNUITY  STARTING  DATE is the date as of which you  first  begin to
      receive income  benefits from your  accumulation  under this  certificate.
      Your  scheduled  annuity  starting date is shown on page 3. You may change
      your  annuity  starting  date  provided  that it not be  later  than  your
      required beginning date, as described in section 18.

3.    BENEFICIARIES  are persons  you name,  in a form  satisfactory  to TIAA as
      explained  in section 44, to receive  the death  benefit if you die before
      your certificate's maturity date.

4.    A  BUSINESS  DAY is any day that the New York Stock  Exchange  is open for
      trading.  A business day ends at 4:00 P.M.  Eastern  time, or when trading
      closes on the New York Stock Exchange, if earlier.

5.    The  COMMUTED  (discounted)  VALUE is a one-sum  amount  paid in lieu of a
      series  of  payments  that  are not  contingent  upon the  survival  of an
      annuitant.  It is less than the total of those  payments,  because  future
      interest,  included  when  computing  the series of payments,  will not be
      earned if payment is to be made in one sum. The  commuted  value of future
      payments is therefore the sum of those payments less the interest from the
      date of  commutation  to the date each payment  would have been made.  The
      same interest rate or rates used in computing the benefit payments will be
      used to determine the commuted value.

6.    The  CONTRACTHOLDER  is the  organization  that  remits  premiums  to this
      certificate.

7.    The DEATH  BENEFIT is the current  value of your  accumulation  under this
      certificate at your death. It will be paid to your  beneficiary  under one
      of the methods  set forth in Part G if you die before  your  certificate's
      maturity date.

8.    An  EMPLOYER  PROGRAM  is a program  satisfying  the  requirements  of IRC
      Section  403(b),  or any other  section  providing  similar  benefits  for
      employees.

9.    A FUNDING  VEHICLE is an annuity  contract,  custodial  account,  or trust
      designated to receive contributions under an employer program.

10.   The GENERAL  ACCOUNT  consists of all of TIAA's assets other than those in
      separate accounts.

11.   An INCOME  BENEFIT  is a periodic  amount  payable to you under one of the
      income options set forth in Part F.

12.   An  INTERNAL  TRANSFER  is the  movement  of  accumulations  between  your
      Traditional   Annuity   accumulation   and  your   Real   Estate   Account
      accumulation,   or  between  this  certificate  and  your  companion  CREF
      certificate. The provisions concerning internal transfers are set forth in
      Part H.

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13.   The IRC is the Internal  Revenue Code of 1986, as amended.  All references
      to any  section  of the IRC  shall be  deemed  to  refer  not only to such
      section  but also to any  amendment  thereof and any  successor  statutory
      provisions.

14.   A LUMP-SUM  BENEFIT is a withdrawal in a single sum of all or part of your
      accumulation. The provisions concerning lump-sum benefits are set forth in
      Part I.

15.   Your certificate's MATURITY DATE is the date as of which all accumulations
      under the  certificate  have been  distributed or used to provide  annuity
      benefits.  As of the maturity  date all of TIAA's  obligations  under this
      certificate will have been satisfied.

16.   The PAYEE is a person  named to receive any  periodic  payments or amounts
      due under an income  option or method of payment  of the death  benefit as
      explained in sections 41 and 47.

17.   The RATE  SCHEDULE  sets  forth the bases for  computing  the  Traditional
      Annuity  accumulation and any benefits and distributions  arising from it.
      To the extent  permitted  by law,  TIAA may change the rate  schedule  for
      amounts remitted after the change, as explained in section 74.

18.   Your REQUIRED  BEGINNING DATE is the latest date on which you can begin to
      receive  your  accumulation  in  accordance  with  the  rules  of the IRC.
      Generally,  it is the April 1  following  the  calendar  year in which you
      attain age [70 1/2] or, if later,  the April 1 following the calendar year
      in which you retire.

19.   The SECOND  ANNUITANT  is the  person  you name,  if you choose to receive
      income  under a two-life  annuity,  to receive an income for life if he or
      she survives you. You may name any person eligible under TIAA's  practices
      then in effect to be a second annuitant.

20.   SEPARATE ACCOUNT. All premiums and internal transfers credited to the Real
      Estate Account become part of a separate account.  The Real Estate Account
      is designated as "VA-2" and was established by TIAA in accordance with New
      York law to provide  benefits under this  certificate and other contracts.
      The assets and  liabilities of separate  account VA-2 are segregated  from
      the assets and liabilities of the general account, and from the assets and
      liabilities of any other TIAA separate account.

21.   A  SURRENDER   CHARGE  will  be  assessed  against  the  portion  of  your
      Traditional Annuity  accumulation  withdrawn or transferred to provide any
      lump-sum  benefit,  internal  transfer,  or  rollover as shown in the rate
      schedule.

22.   The TRADITIONAL  ANNUITY refers to the guaranteed  annuity  benefits under
      your  certificate.  Each  premium and internal  transfer  allocated to the
      Traditional  Annuity  under your  certificate  buys a  definite  amount of
      lifetime  income for you,  based on the rate  schedule  in effect for your
      certificate at the time the premium is paid.

23.   A VALUATION  DAY is any business  day, as well as the last calendar day of
      each  month.  Valuation  days end as of the  close  of all  U.S.  national
      exchanges where securities or other investments of the Real Estate Account
      are  principally  traded.  Valuation days that aren't business days end at
      4:00 p.m.  Eastern Time. A VALUATION  PERIOD is the time from the end of a
      valuation day to the end of the next valuation day.

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                          PART C: CONTRACT AND PREMIUMS

24.   The  CONTRACT  constitutes  the  entire  contract  between  TIAA  and  the
      contractholder,  and the provisions therein alone will govern with respect
      to the rights and  obligations of TIAA, the  contractholder,  and you. The
      payment of premiums is the consideration for the contract.

            The   contract   may  be  amended  by  agreement  of  TIAA  and  the
      contractholder without the consent of any other person, provided that such
      change does not reduce any benefit purchased under the contract up to that
      time. Any endorsement or amendment of this  certificate,  waiver of any of
      its  provisions,  or  change  in rate  schedule  will be valid  only if in
      writing and signed by an executive officer of TIAA.

25.   This CERTIFICATE states the rights that you, the annuitant, have under the
      contract. It is issued in return for premiums remitted on your behalf.

26.   CONTESTABILITY. The contract is incontestable.

27.   COMPANION CREF CERTIFICATE. The College Retirement Equities Fund (CREF) is
      a companion  organization to TIAA. CREF issued a companion CREF Retirement
      Select Plus (II)  certificate  to you when you received this  certificate.
      The certificate number is shown on page 3.

28.   PREMIUMS  for this  certificate  must be remitted  under the terms of your
      employer  program.  Premiums  include any  transfers,  other than internal
      transfers,  to this certificate from other funding vehicles.  Premiums may
      be stopped at any time  without  notice to TIAA and then  resumed  without
      payment of any past due premium or penalty of any kind.

            TIAA reserves the right to limit to $300,000 the total premiums paid
      on this  certificate  and any other TIAA annuity  contract on your life in
      any  twelve-month  period.  TIAA  reserves  the  right  to stop  accepting
      premiums  under the  contract at any time.  TIAA will not accept  premiums
      paid on your behalf after your certificate's maturity date or prior death.
      Premiums  will  be  credited  to  your  certificate  as of the  end of the
      business day in which they are received by TIAA at the location  that TIAA
      will designate by prior written notice.

            Elective deferral  contributions made to your TIAA or CREF contracts
      or  certificates  may not exceed the annual  limits on elective  deferrals
      described in section 402(g) of the IRC, or as otherwise  permitted by law.
      TIAA will refund the accumulated value of all excess premiums made to this
      certificate, as required by law.

29.   ALLOCATION  OF PREMIUMS.  You allocate  premiums  between the  Traditional
      Annuity  and the Real  Estate  Account.  If you  allocate  premiums to the
      Traditional Annuity they increase your Traditional  Annuity  accumulation.
      If you  allocate  premiums  to the  Real  Estate  Account,  they  purchase
      accumulation  units  in the  Real  Estate  Account.  You may  change  your
      allocation for future premiums at any time. We will allocate your premiums
      according to the most recent valid  instructions we have received from you
      in a form  acceptable to TIAA. If we have not received valid  instructions
      from you, all premiums will be allocated to the CREF Money Market  Account
      under your companion CREF certificate.

            TIAA may stop accepting  premiums to the Traditional  Annuity or the
      Real Estate Account at any time.

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30.   PREMIUM TAXES.  If state or local  government  premium taxes are incurred,
      they will be deducted from your  certificate  accumulation,  to the extent
      permitted by law.

31.   UNCONDITIONAL  PROTECTION  AGAINST LAPSE.  Your certificate will not lapse
      after  the  first  premium  has been  paid.  No  additional  premiums  are
      required.

                    PART D: TRADITIONAL ANNUITY ACCUMULATION

32.   Your TRADITIONAL ANNUITY ACCUMULATION is equal to:

            A)    all premiums  allocated to the Traditional  Annuity under your
                  certificate; plus

            B)    interest credited at the guaranteed interest rate set forth in
                  the rate schedule; plus

            C)    any additional  amounts  credited to the  Traditional  Annuity
                  under your certificate;  plus

            D)    any internal  transfers to the Traditional  Annuity under your
                  certificate; less

            E)    any  premium  taxes  incurred  by TIAA  for  your  Traditional
                  Annuity accumulation; less

            F)    the  amount  of any  lump-sum  benefits,  rollovers,  internal
                  transfers and any required minimum distributions paid from the
                  Traditional Annuity; less

            G)    any charges for  expenses and  contingencies  set forth in the
                  rate schedule;  less H) any amount applied to provide  annuity
                  income  or  death  benefits;  less  I)  any  surrender  charge
                  assessed.

33.   ADDITIONAL AMOUNTS. TIAA may credit additional amounts to your Traditional
      Annuity  accumulation.   TIAA  does  not  guarantee  that  there  will  be
      additional  amounts.  TIAA will  determine at least annually if additional
      amounts will be credited.

            Any  additional   amounts  credited  to  your  Traditional   Annuity
      accumulation  will  buy  benefits  for  you  based  on the  rate  schedule
      applicable  to the premiums or internal  transfers  that gave rise to such
      additional  amounts.   Additional  amounts  may  also  be  paid  with  any
      Traditional Annuity benefits payable to you or your beneficiary.

            Any  additional   amounts  credited  to  your  Traditional   Annuity
      accumulation  will be credited under a schedule of additional amount rates
      declared by TIAA. For a Traditional  Annuity  accumulation  in force as of
      the effective date of such a schedule,  the  additional  amount rates will
      not be modified for a period of twelve  months  following  the  schedule's
      effective  date.  For any premiums and internal  transfers  applied to the
      Traditional  Annuity  during  the  twelve-month  period  described  in the
      preceding  sentence,  TIAA may declare  additional  amounts at rates which
      remain in effect through the end of such twelve-month period.  Thereafter,
      any  additional  amount  rates  declared  for such  premiums  and internal
      transfers will remain in effect for periods of twelve months or more.

               PART E: REAL ESTATE ACCOUNT ACCUMULATION AND UNITS

34.   ACCUMULATION UNIT. The value of one accumulation unit is calculated at the
      end of each valuation day. The value of an  accumulation  unit is equal to
      the previous day's value  multiplied by the net investment  factor for the
      Real Estate Account.

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35.   Your  REAL  ESTATE  ACCOUNT   ACCUMULATION  is  equal  to  the  number  of
      accumulation  units you own  multiplied  by the value of one  accumulation
      unit.  Real  Estate  Account   accumulations  are  variable  and  are  not
      guaranteed; they may increase or decrease depending on investment results.

36.   The NET  INVESTMENT  FACTOR for the Real  Estate  Account  for a valuation
      period is based on the amount of accrued real estate net operating income,
      dividends,  interest  and  other  income  during  the  current  period,  a
      deduction of the separate  account  charge,  both realized and  unrealized
      capital gains and losses incurred, and other accounting adjustments during
      the current period. The precise formula for the net investment factor is A
      divided by B, as follows:

            A)    The value of the Real Estate  Account's  net assets at the end
                  of the current  valuation  period,  less any premiums received
                  during the current period.

            B)    The value of the Real Estate  Account's  net assets at the end
                  of the  previous  valuation  period,  plus the net  effect  of
                  transactions (e.g. internal transfers,  benefit payments) made
                  at the start of the current valuation period.

37.   The SEPARATE ACCOUNT CHARGE covers  mortality and expense risk,  liquidity
      risk, and  administrative and investment  advisory services.  TIAA, at its
      discretion,  can  increase or decrease the separate  account  charge.  The
      separate  account charge is guaranteed not to exceed 2.50% per year of net
      assets.

38.   NUMBER OF  ACCUMULATION  UNITS.  Each premium and each  internal  transfer
      applied  to the Real  Estate  Account  on your  behalf  buys a  number  of
      accumulation units equal to the amount of the premium or internal transfer
      divided  by  the  value  of one  accumulation  unit  as of the  end of the
      business day in which the premium or internal  transfer is  credited.  The
      number of accumulation  units under your  certificate will be decreased by
      any  premium  taxes   incurred  by  TIAA  for  your  Real  Estate  Account
      accumulation  and by the  application  of any  accumulation  units  to any
      benefits,  internal transfers,  or any required minimum distributions paid
      from the Real Estate Account  accumulation  under your  certificate.  Such
      transactions  will  decrease the number of  accumulation  units under your
      certificate  by an amount  equal to the  dollar  value of the  transaction
      divided  by  the  value  of one  accumulation  unit  as of the  end of the
      valuation day on which the transaction becomes effective.

                             PART F: INCOME BENEFITS

39.   STARTING INCOME BENEFITS.  An income benefit will be effective and payment
      will begin as of the date you have chosen, if you are then living and:

            A)    you have chosen one of the income options set forth in section
                  40;

            B)    if you choose a one-life  annuity,  we have received  proof of
                  your age; and

            C)    if you choose a two-life  annuity,  we have received  proof of
                  your age and the age of your second annuitant.

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            You may not begin a  one-life  annuity  after you attain age 90, nor
      may you begin a two-life annuity after you or your second annuitant attain
      age 90. If your  accumulation is less than $5,000 on the effective date of
      an income benefit, TIAA may choose instead to pay your accumulation to you
      in a single sum.

            At any time before you start to receive an income  benefit,  you may
      change  the  effective  date for that  income  benefit to a date after the
      change, by written notice to TIAA as explained in section 64.

40.   INCOME OPTIONS are the ways in which you may have income  benefits paid to
      you.  The income  options  are  available  from your  Traditional  Annuity
      accumulation  only.  You can  transfer  some or all of  your  Real  Estate
      Account  accumulation to your Traditional Annuity  accumulation to receive
      benefits under an income option  available from the  Traditional  Annuity.
      Also,   you  may  transfer  some  or  all  of  your  Real  Estate  Account
      accumulation to your companion CREF  certificate,  as described in section
      48, to  receive  benefits  under an income  option  available  under  that
      certificate.

            You may change your choice of income option any time before payments
      begin,  but once they have begun under an income  option,  the election to
      begin  receiving  benefits is  irrevocable  and no change can be made. Any
      choice of option or change of such choice  must be made by written  notice
      to TIAA as explained in section 64.

            Your right to elect an option or change such election may be limited
      in accordance with sections 70 and 72. The  availability of certain income
      options may be restricted by the IRC.

            As of the April 1 following  the  calendar  year in which you attain
      age  [70  1/2],  we  will  begiN  distributions   satisfying  the  minimum
      distribution rules of federal tax law unless you instruct us otherwise.

            The following are the income options from which you may choose.  All
      of them  provide  an income  for you,  some  provide  that  payments  will
      continue  for the  lifetime of a second  annuitant  and some  provide that
      payments  will  continue  in any  event  during  a  guaranteed  period  as
      explained  in section 41. The  periodic  amount paid to you or a surviving
      second annuitant depends on which of these options you choose.

            ONE-LIFE  ANNUITY.  A payment  will be made to you each month for as
            long as you live.  You may include a  guaranteed  period of 10 or 20
            years. If you do not include a guaranteed  period, all payments will
            cease at your death. If you include a guaranteed  period and you die
            before the end of that period,  monthly payments will continue until
            the end of that period and then cease.

            TWO-LIFE  ANNUITY.  A payment  will be made to you each month for as
            long as you live.  After  your  death,  a payment  will be made each
            month to the second  annuitant you have named,  for as long as he or
            she survives you. You cannot change your choice of second  annuitant
            after your payments begin. You may include a guaranteed period of 10
            or 20 years. If you do not include a guaranteed period, all payments
            will cease when you and your second  annuitant  have both died.  You
            may choose from among the following forms of two-life annuity.

                  FULL BENEFIT TO  SURVIVOR.  At the death of either you or your
                  second annuitant, the full amount of the monthly payments that
                  would have been paid if you both had lived will continue to be
                  paid to the survivor.  If you include a guaranteed  period and
                  you and your second  annuitant  both die before the end of the
                  period  chosen,  the full amount of the monthly  payments that
                  would have been paid if

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                  you both had lived will  continue  to be paid until the end of
                  that period and then cease.

                  TWO-THIRDS BENEFIT TO SURVIVOR.  At the death of either you or
                  your second annuitant, two-thirds of the monthly payments that
                  would have been paid if you both had lived will continue to be
                  paid to the survivor.  If you include a guaranteed  period and
                  you and your second  annuitant  both die before the end of the
                  period chosen,  two-thirds of the monthly  payments that would
                  have been paid if you both had lived will  continue to be paid
                  until the end of that period and then cease.

                  HALF BENEFIT TO SECOND ANNUITANT. The full monthly income will
                  continue to be paid as long as you live.  After your death, if
                  your second  annuitant  survives you,  one-half of the monthly
                  payments  that  would  have been  paid if you had  lived  will
                  continue to be paid to your second annuitant. If you include a
                  guaranteed  period and you and your second  annuitant both die
                  before the end of the period  chosen,  one-half of the monthly
                  payments  that  would  have been  paid if you had  lived  will
                  continue  to be paid  until  the end of that  period  and then
                  cease.

            AUTOMATIC  ELECTION  PROVISION.  If on your required beginning date,
      you  have  not  met the  requirements  for  starting  income  benefits  as
      described  in  section  39,  you will be deemed to have  chosen a one-life
      annuity with a 10-year  guaranteed  period,  if allowed  under federal tax
      law.

41.   POST-MORTEM  PAYMENTS DURING A GUARANTEED PERIOD. Any periodic payments or
      other amounts  remaining due after your death and the death of your second
      annuitant,  if any,  during a guaranteed  period will be paid to the payee
      named to  receive  them.  You name the  payee at the time you  choose  the
      income option,  as described in section 64. You may later change the named
      payee. If you choose a two-life  annuity,  your surviving second annuitant
      may change the named payees after your death, unless you direct otherwise.

            A payee may choose to receive in one sum the  commuted  value of any
      remaining periodic payments that do not involve life contingencies, unless
      you direct otherwise.  If no payee was named to receive these payments, or
      if no one so named is then living, we will pay the remaining  payments due
      or the commuted  value of the  remaining  periodic  payments in one sum to
      your estate,  or to the estate of the last survivor of you and your second
      annuitant if you chose a two-life annuity.

            If a payee receiving payments during a guaranteed period option dies
      while payments  remain due, the commuted  value of any remaining  payments
      due to that person will be paid to any other  surviving payee that you (or
      your second  annuitant) had named to receive them. If no payee so named is
      then  living,  the  commuted  value will be paid to the estate of the last
      payee who was receiving these benefit payments.

42.   The  AMOUNT  OF  PERIODIC  INCOME  BENEFIT  will be  determined  as of the
      effective date for the income benefit by:

            A)    the amount of your Traditional Annuity accumulation applied to
                  provide the income benefit;

            B)    the rate  schedule or  schedules  under which any premiums and
                  internal  transfers were applied to your  Traditional  Annuity
                  accumulation;

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            C)    the income option you choose;

            D)    if you choose a one-life annuity, your age; and

            E)    if you choose a  two-life  annuity,  your age and your  second
                  annuitant's age.

            If your income  benefit  would be less than $100 a month,  TIAA will
      have the right to change to  quarterly,  semi-annual  or annual  payments,
      whichever  will  result  in  payments  of $100 or  more  and the  shortest
      interval between payments.  If different rate schedules apply to different
      parts of your  Traditional  Annuity  accumulation,  the portion applied to
      provide the income benefit  chosen will be allocated  among the parts on a
      pro-rata basis.

                              PART G: DEATH BENEFIT

43.   PAYMENT  OF THE  DEATH  BENEFIT.  If you  die  before  your  certificate's
      maturity date, the death benefit will be payable to your  beneficiary.  We
      must receive the  following in a form  acceptable to TIAA before any death
      benefit will be paid:

            A)    proof of your death;

            B)    the choice of a method of payment as  provided  in section 45;
                  and

            C)    proof of the beneficiary's age if the method of payment chosen
                  is the one-life annuity.

            Payment under the  single-sum  payment method will be made effective
      as of the date we receive these items;  payment under the one-life annuity
      method of payment will be effective  and begin no later than the first day
      of the month after we have received these items.

            Upon   receipt  of  proof  of  your  death,   we  will  divide  your
      accumulation  into  as many  portions  as  there  are  validly  designated
      beneficiaries for your  certificate.  If different rate schedules apply to
      different parts of your Traditional  Annuity  accumulation,  the resulting
      portions  will be  allocated  among the parts on a  pro-rata  basis.  Each
      validly designated  beneficiary will then have the right to make elections
      available under this  certificate in connection with his or her portion of
      the accumulation.

44.   NAMING YOUR BENEFICIARY. Beneficiaries are persons you name to receive the
      death benefit if you die before your  certificate's  maturity date. At any
      time before your certificate's maturity date, you may name, change, add or
      delete your  beneficiaries  by written  notice to TIAA,  as  explained  in
      section 64.

            You can name two classes of  beneficiaries,  primary and contingent,
      which set the order of payment.  At your death, your beneficiaries are the
      surviving  primary  beneficiary or beneficiaries  you named. If no primary
      beneficiary  survives you, your beneficiaries are the surviving contingent
      beneficiary or beneficiaries you named. The share of any named beneficiary
      in a class who does not survive  will be  allocated in equal shares to the
      beneficiaries  in such class who do survive,  even if you've  provided for
      these beneficiaries to receive unequal shares.

            The death  benefit  will be paid to your  estate in one sum if:  you
      name your estate as  beneficiary;  or none of the  beneficiaries  you have
      named is alive at the time of your  death;  or at your death you had never
      named a beneficiary. If distributions to a named beneficiary are barred by
      operation of law, the death benefit will be paid to your estate.

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45.   METHODS OF PAYMENT are the ways in which your  beneficiary may receive the
      death  benefit.  The  single-sum  payment  method is  available  from your
      Traditional  Annuity  and Real  Estate  Account  accumulations.  The other
      methods are available from the Traditional  Annuity only. Your beneficiary
      can,   however,   transfer  some  or  all  of  your  Real  Estate  Account
      accumulation to the  Traditional  Annuity in order to receive that portion
      of the  death  benefit  under a  method  of  payment  available  from  the
      Traditional  Annuity.  Your  beneficiary  can also transfer some or all of
      your  accumulation  to CREF in order to receive  that portion of the death
      benefit  under a method of payment  offered by CREF.  Such transfer can be
      for all of your  accumulation,  or for any  part  thereof  not  less  than
      $1,000.

            You may choose the method of payment  and change  your choice at any
      time before payments begin.  After your death, your beneficiary may change
      the method chosen by you, if you so provide. If you do not choose a method
      of payment,  your  beneficiary will make the choice when he or she becomes
      entitled to  payments.  If the amount of the death  benefit due to any one
      beneficiary is less than $5,000, TIAA may change the method of payment for
      the  portion  of the death  benefit  payable  to that  beneficiary  to the
      single-sum  payment  method.  The right to elect a method  or change  such
      election may be limited in accordance with section 70.

            A  beneficiary  may not begin to receive the death benefit under the
      one-life  annuity method after he or she attains age 90. If you die before
      your  certificate's  maturity  date and have chosen the  one-life  annuity
      method for a  beneficiary  who has  attained age 90, he or she must choose
      another method. Any choice of method or change of such choice must be made
      by written notice to TIAA, as explained in section 64.

            Generally, the distribution of the death benefit under any method of
      payment  must be made  over the  lifetime  of your  beneficiary  or over a
      period not to exceed your beneficiary's life expectancy.

            As of the April 1 following  the  calendar  year in which you attain
      age  [70  1/2],  we  will  begiN  distributions   satisfying  the  minimum
      distribution rules of federal tax law unless you instruct us otherwise.

            The distribution of the death benefit under a method of payment must
      be made in such a form and begin at such date as meets the requirements of
      the IRC and the regulations thereunder.  If such method of payment has not
      been  chosen to begin by that  date,  we will elect a method of payment in
      accordance   with  the   requirements  of  the  IRC  and  any  regulations
      thereunder. The following are the methods of payment:

            SINGLE-SUM  PAYMENT.   The  death  benefit  will  be  paid  to  your
            beneficiary in one sum.

            ONE-LIFE  ANNUITY.  A payment will be made to your  beneficiary each
            month  for  life.  A  guaranteed  period  of 10 or 20  years  may be
            included.  If a guaranteed period isn't included,  all payments will
            cease at the death of your  beneficiary.  If a guaranteed  period is
            included  and your  beneficiary  dies before the end of that period,
            monthly payments will continue until the end of that period and then
            cease, as explained in section 47.

46.   The AMOUNT OF DEATH  BENEFIT  PAYMENTS  will be  determined as of the date
      payments are to begin by:

            A)    the amount of your Traditional Annuity accumulation applied to
                  the method of payment;

            B)    the rate  schedule or  schedules  under which any premiums and
                  internal  transfers were applied to your  Traditional  Annuity
                  accumulation;

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            C)    the method of payment chosen for the death benefit; and

            D)    if the method chosen is the one-life annuity,  the age of your
                  beneficiary.

            If any method  chosen  would  result in payments of less than $100 a
      month,  TIAA will have the right to  require a change in choice  that will
      result in payments of at least $100 a month.  If different  rate schedules
      apply to different parts of your  Traditional  Annuity  accumulation,  the
      portion  applied to provide the death  benefit  chosen  will be  allocated
      among the parts on a pro-rata basis.

47.   PAYMENTS AFTER THE DEATH OF A BENEFICIARY.  Any periodic payments or other
      amounts  remaining  due  after  the  death  of your  beneficiary  during a
      guaranteed  period  will  be  paid  to the  payee  named  by  you or  your
      beneficiary  to receive  them,  by written  notice to TIAA as explained in
      section 64. The  commuted  value of these  payments may be paid in one sum
      unless we are directed otherwise.

            If no payee has been named to receive these  payments,  or if no one
      so named is living at the death of your  beneficiary,  the commuted  value
      will be paid in one sum to your beneficiary's estate.

            If a payee  receiving  these  payments  dies  before  the end of the
      guaranteed  period,  the  commuted  value of any  payments  still due that
      person  will be paid to any other payee named to receive it. If no one has
      been so named,  the commuted  value will be paid to the estate of the last
      payee who was receiving these payments.

                           PART H: INTERNAL TRANSFERS

48.   AVAILABILITY  OF  INTERNAL  TRANSFERS.   You  may  transfer  between  your
      Traditional   Annuity   accumulation   and  your   Real   Estate   Account
      accumulation.   In  addition,  you  may  transfer  all  or  part  of  your
      Traditional Annuity  accumulation or your Real Estate Account accumulation
      to your companion CREF  certificate.  If you have an  accumulation in your
      companion CREF certificate, you may transfer from that certificate to this
      certificate. TIAA reserves the right to limit internal transfers from each
      of your  Traditional  Annuity  accumulation  and your Real Estate  Account
      accumulation to not more than one in a calendar quarter. TIAA reserves the
      right to stop  accepting  internal  transfers to the  Traditional  Annuity
      and/or  internal  transfers  to the Real Estate  Account at any time.  Any
      internal  transfer  to or  from  CREF  is  subject  to the  terms  of your
      companion CREF certificate and CREF's Rules of the Fund.

49.   AMOUNT OF INTERNAL  TRANSFER.  You can  transfer  all of your  Traditional
      Annuity accumulation or your Real Estate Account accumulation, or any part
      of either  account not less than  $1,000.  If you choose to transfer  from
      your Traditional Annuity  accumulation,  the amount to be transferred will
      be reduced by any surrender  charge in accordance with the applicable rate
      schedule or schedules.

            An internal  transfer reduces the accumulation from which it is paid
      by the amount transferred, including any surrender charge. If you transfer
      from your  Traditional  Annuity  accumulation and different rate schedules
      apply  to  different  parts of the  accumulation,  the  reduction  will be
      allocated among the parts on a pro rata basis.

50.   EFFECTIVE  DATE  OF  INTERNAL  TRANSFER.  An  internal  transfer  will  be
      effective  as of the end of the  business  day in  which we  receive  your
      written request for an internal transfer. You may defer the effective date
      of the internal  transfer  until any business  day  following  the date on

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      which we receive your written  request.  TIAA will determine all values as
      of the end of the  effective  date.  You  can't  revoke a  request  for an
      internal transfer after its effective date.

51.   SYSTEMATIC TRANSFERS. You may elect to have transfers made on a systematic
      basis. Systematic transfers may be made semi-monthly,  monthly, quarterly,
      semi-annually or annually.  Semi-monthly transfers are made twice a month,
      with the second  payment  scheduled 14 days after the first  payment.  You
      choose which day the transfer  will be made,  except that if the date of a
      scheduled transfer is not a business day, the transfer will be made on the
      following  business day. Transfers will continue until you tell us to stop
      or  your   Traditional   Annuity   accumulation  or  Real  Estate  Account
      accumulation is insufficient to support the transfer. Systematic transfers
      are subject to all the provisions  described  above for transfers,  except
      that a reduced minimum amount of $100 applies to such transfers.

52.   CREDITING  INTERNAL  TRANSFERS.  Internal  transfers  to your  Traditional
      Annuity accumulation are credited to the Traditional Annuity as of the end
      of the effective date of the internal transfer and begin  participation in
      the  Traditional  Annuity as of the following day.  Internal  transfers to
      your Real Estate Account  accumulation  purchase  accumulation units as of
      the end of the effective date of the internal transfer.

                            PART I: LUMP-SUM BENEFITS

53.   AVAILABILITY  OF THE  LUMP-SUM  BENEFIT.  You may,  subject  to the limits
      described  below,  withdraw as a lump-sum  benefit all of your Traditional
      Annuity  accumulation  or Real Estate  Account  accumulation,  or any part
      thereof not less than $1,000.  TIAA  reserves the right to limit  lump-sum
      benefits from each of your Traditional Annuity  accumulation and your Real
      Estate Account accumulation to not more than one in a calendar quarter. If
      you have a severance of employment  with your  employer,  we may choose to
      distribute  your  accumulation  to  you  as a  lump-sum  benefit  (without
      surrender  charge) subject to the restrictions on mandatory  distributions
      under the IRC.

            Federal tax law may restrict distributions,  as described in section
      72.

54.   EFFECTIVE DATE OF A LUMP-SUM BENEFIT.  Any choice of lump-sum benefit must
      be made by written notice to TIAA on or before your certificate's maturity
      date, as explained in section 64. A lump-sum  benefit will be effective as
      of the business  day on which we receive,  in a form  acceptable  to TIAA,
      your request for a lump-sum benefit.

            You may choose to defer the effective  date of the lump-sum  benefit
      until any  business day  following  the date on which we receive the above
      requirements.  TIAA  will  determine  all  values  as of  the  end  of the
      effective  date.  You can't revoke a request for a lump-sum  benefit after
      its effective date.

            TIAA may defer the payment of a Traditional Annuity lump-sum benefit
      for up to six months.

55.   PAYMENT OF A LUMP-SUM BENEFIT. A lump-sum benefit may be paid:

            A)    to you as a cash withdrawal;

            B)    to another  funding vehicle as a direct transfer under federal
                  tax law; or

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            C)    to a TIAA  IRA  contract,  a  CREF  IRA  certificate,  or to a
                  funding  vehicle whether or not it is offered by TIAA or CREF,
                  as a tax-free rollover as permitted in section 65.

56.   AMOUNT OF A LUMP-SUM  BENEFIT.  If you choose a lump-sum benefit from your
      Traditional  Annuity  accumulation,  we  will  pay  the  portion  of  your
      Traditional Annuity  accumulation you choose, less any surrender charge in
      accordance with the applicable rate schedule or schedules. If you choose a
      lump-sum benefit from your Real Estate Account  accumulation,  we will pay
      the portion of your Real Estate Account accumulation you choose.

            Payment of a lump-sum benefit reduces the accumulation from which it
      is paid by the amount  chosen,  including  any  surrender  charge.  If you
      choose a lump-sum benefit from your Traditional  Annuity  accumulation and
      different rate schedules  apply to different  parts of your  accumulation,
      the reduction will be allocated among the parts on a pro-rata basis.

57.   SYSTEMATIC WITHDRAWALS.  You may elect to have lump-sum benefits made on a
      systematic  basis.   Systematic  withdrawals  may  be  made  semi-monthly,
      monthly,  quarterly,  semi-annually or annually.  Semi-monthly withdrawals
      are made twice a month,  with the second  payment  scheduled 14 days after
      the first payment. You choose which day the lump-sum benefit will be paid,
      except that if the date of a scheduled  lump-sum benefit is not a business
      day,  it will be paid on the  following  business  day.  Withdrawals  will
      continue  until  you  tell  us to  stop  or  until  the  portion  of  your
      Traditional Annuity  accumulation or your Real Estate Account accumulation
      is  insufficient  to support the  withdrawal.  Systematic  withdrawals are
      subject  to all the  provisions  described  above for  lump-sum  benefits,
      except that a reduced minimum amount of $100 applies.

                           PART J: GENERAL PROVISIONS

58.   INSULATION  OF THE  SEPARATE  ACCOUNT.  TIAA owns the  assets in  separate
      account VA-2.  To the extent  permitted by law, the assets of the separate
      account  will not be charged  with  liabilities  arising  out of any other
      business TIAA may conduct.  All income,  investment  gains and  investment
      losses of the separate account,  whether or not realized, will be credited
      to or charged  against  only that account  without  regard to TIAA's other
      income, gains or losses.

59.   DELETION  OF THE REAL  ESTATE  ACCOUNT.  TIAA may delete  the Real  Estate
      Account.  If you own accumulation  units in the Real Estate Account and it
      is  deleted,   you  must  transfer  them  to  your   Traditional   Annuity
      accumulation or to your companion CREF  certificate.  If you don't tell us
      where to transfer your accumulation units, we'll transfer them to the CREF
      Money Market Account under your companion CREF certificate.

60.   REPORT OF ACCUMULATION.  At least once each year, we will provide you with
      a report  for your  certificate  showing  the  value of your  accumulation
      (death benefit) as of a date specified in the report.

61.   NO LOANS. This certificate does not provide for loans.

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62.   NO  ASSIGNMENT  OR TRANSFER.  Neither you nor any other person may assign,
      pledge,  or transfer  ownership of this  certificate or any benefits under
      its terms. Any such action will be void and of no effect.

63.   PROTECTION  AGAINST CLAIMS OF CREDITORS.  The benefits and rights accruing
      to you or any other  person  under this  certificate  are exempt  from the
      claims of creditors or legal  process to the fullest  extent  permitted by
      law.

64.   PROCEDURE FOR ELECTIONS AND CHANGES. You (or your beneficiaries after your
      death) have to make any choice or changes available under your certificate
      in a form  acceptable  to TIAA at our home  office in New York,  NY, or at
      another location that we designate.  If you (or your  beneficiaries  after
      your death) send us a notice changing your  beneficiaries or other persons
      named to  receive  payments,  it will  take  effect  as of the date it was
      signed  even if you (or any  other  signer)  then die  before  the  notice
      actually  reaches  TIAA.  Any other notice will take effect as of the date
      TIAA receives it. If TIAA takes any action in good faith before  receiving
      the  notice,  we won't  be  subject  to  liability  even if our acts  were
      contrary to what was stated in the notice.

            For purposes of determining the effective dates of any transactions,
      transaction  requests  will only be deemed to have been received when they
      are  received by TIAA,  or its  appropriately  designated  agent,  in good
      order, in accordance with procedures established by TIAA or as required by
      law. TIAA reserves the right to limit the number of transactions  that you
      may make effective on a single business day.

65.   RIGHT TO A TAX-FREE  ROLLOVER.  If you or your  surviving  spouse (or your
      spouse or former spouse as an alternate payee under a "qualified  domestic
      relations  order," as defined in the IRC) receive a distribution from your
      certificate which qualifies as an eligible rollover distribution under IRC
      Section  402(c)(4),  any portion of it may be paid as a direct rollover to
      an eligible retirement plan. An eligible retirement plan is, to the extent
      permitted  by law,  a plan  satisfying  the  requirements  of IRC  Section
      401(a),  403(a),  403(b),  408 or to the extent that the plan sponsor is a
      state or local government, Section 457(b).

            Retirement plans eligible for such rollovers may, in the future,  be
      changed by law. If such changes become effective, your certificate will be
      governed by the laws and regulations then applicable.

66.   PAYMENT TO AN ESTATE,  TRUSTEE, ETC. TIAA reserves the right to pay in one
      sum  the  commuted  value  of any  benefits  due an  estate,  corporation,
      partnership,  trustee or other  entity that isn't a natural  person.  TIAA
      won't be  responsible  for the acts or neglects of any executor,  trustee,
      guardian, or other third party receiving payments under this certificate.

            If you  designate a trustee of a trust as  beneficiary,  TIAA is not
      obliged to inquire into the terms of the underlying trust or any will.

            If death  benefits  become  payable to the  designated  trustee of a
      testamentary trust, but:

            A)    no qualified  trustee makes claim for the benefits within nine
                  months after your death; or

            B)    evidence  satisfactory to TIAA is presented at any time within
                  such nine-month  period that no trustee can qualify to receive
                  the benefits due,

      payment will be made to the successor beneficiaries, if any are designated
      and  survive  you;  otherwise  payment  will be made to the  executors  or
      administrators of your estate.

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            If benefits  become  payable to an  INTER-VIVOS  trustee (the person
      appointed to execute a trust created during an individual's lifetime), but
      the trust is not in effect or there is no qualified trustee,  payment will
      be made to the successor beneficiaries,  if any are designated and survive
      you;  otherwise payment will be made to the executors or administrators of
      your estate.

            Payment  to  any  trustee,   successor  beneficiary,   executor,  or
      administrator,  as provided for above,  shall fully satisfy TIAA's payment
      obligations under this certificate to the extent of such payment.

67.   SERVICE OF PROCESS  UPON TIAA.  We will  accept  service of process in any
      action or suit  against us on this  certificate  in any court of competent
      jurisdiction  in the United States or Puerto Rico provided such process is
      properly  made.  We will also accept such process sent to us by registered
      mail if the  plaintiff  is a  resident  of the  jurisdiction  in which the
      action or suit is brought.  This section does not waive any of our rights,
      including the right to remove such action or suit to another court.

68.   BENEFITS BASED ON INCORRECT  DATA. If the amount of benefits is determined
      by data  as to a  person's  age or sex  that is  incorrect,  the  benefits
      payable will be such as the premium paid would have purchased based on the
      correct data. Any amounts  underpaid by TIAA on the basis of the incorrect
      data will be paid at the time the correction is made. Any amounts overpaid
      by TIAA on the basis of the  incorrect  data will be charged  against  the
      payments due after the  correction is made. Any amounts so paid or charged
      will  include  compound  interest at the  effective  annual rate of 6% per
      year.

69.   PROOF OF SURVIVAL.  TIAA reserves the right to require  satisfactory proof
      that anyone named to receive  benefits under the terms of your certificate
      is alive on the date any  benefit  payment  is due.  If this  proof is not
      received after it has been requested in writing,  TIAA will have the right
      to make reduced payments or to withhold payments entirely until such proof
      is  received.  If under a  two-life  annuity  TIAA has  overpaid  benefits
      because of a death of which we were not notified, subsequent payments will
      be reduced or withheld until the amount of the overpayment,  plus compound
      interest at the effective annual rate of 6% per year, has been recovered.

70.   COMPLIANCE   WITH  LAWS  AND   REGULATIONS.   TIAA  will  administer  your
      certificate to comply with the  restrictions  of all laws and  regulations
      pertaining  to the terms and  conditions of your  certificate.  You cannot
      elect any benefit or  exercise  any right  under your  certificate  if the
      election of that benefit or exercise of that right is prohibited  under an
      applicable state or federal law or regulation.

            The choice of income options and effective  dates,  annuity starting
      date,  beneficiary  or second  annuitant,  method of  payment of the death
      benefit and effective date, and the availability of internal transfers and
      lump-sum  benefits  as set forth in this  certificate  are  subject to the
      applicable restrictions, distribution requirements, and incidental benefit
      requirements of the IRC, and any rulings and regulations  issued under the
      IRC.

71.   OVERPAYMENT  OF PREMIUMS.  Any  payments of premiums  made in error by the
      contractholder in excess of those required by the employer program will be
      refunded  to  the   contractholder   if   requested   in  writing  by  the
      contractholder prior to the certificate's maturity date subject,  however,
      to prior  transfers  or lump-sum  benefits  made from such funds.  TIAA is
      entitled  to rely  on  information  provided  by the  contractholder.  The
      contractholder  shall indemnify TIAA and hold TIAA harmless for any action
      taken in reliance on such request.

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72.   RESTRICTIONS  ON  DISTRIBUTIONS.  IRC Section 403(b) limits  distributions
      from your  certificate.  In general,  IRC  Section  403(b)  prohibits  the
      distribution to you of the portion of your accumulation equal to:

            A)    amounts  attributable to funds transferred to this certificate
                  from  a  custodial  account   established  under  IRC  Section
                  403(b)(7); plus

            B)    amounts  attributable  to  premiums  paid  to an  IRC  Section
                  403(b)(1)  annuity  contract  as  elective  deferrals  under a
                  salary reduction  agreement (within the meaning of IRC Section
                  403(b)(11)); less

            C)    the value,  if any, of the amounts  described in B) determined
                  as of December 31, 1988.

      until you:

            (1)   reach age 59 1/2;

            (2)   have a severance from  employment with respect to the employer
                  under   whose   program   the   aforementioned    portion   is
                  attributable;

            (3)   die;

            (4)   become disabled within the meaning of IRC Section 72(m)(7); or

            (5)   encounter  financial  "hardship"  within  the  meaning  of IRC
                  Section 403(b).

            In the case of hardship,  IRC Section 403(b) generally requires that
      any earnings credited after December 31, 1988 and any  contributions  paid
      after  December  31, 1988 to a  custodial  account  established  under IRC
      Section 403(b)(7) that are not elective deferrals under a salary reduction
      agreement, will not be available for distribution.

            Any request for an early withdrawal due to disability,  hardship, or
      severance  from   employment  must  be  submitted  with  evidence  of  the
      disability,  hardship,  or severance from employment on forms satisfactory
      to TIAA and must not be inconsistent with applicable law.

73.   CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form, or
      request  for  benefits  will be deemed to be  received  by us unless it is
      received at our home office in New York,  NY, or at another  location that
      we  designate.  All  benefits are payable at our home office or at another
      location that we designate.  If you have any questions about the contract,
      your certificate,  or inquiries about our service,  or if you need help to
      resolve a  problem,  you can  contact us at the  address  or phone  number
      below.

                                      TIAA
                                [730 Third Avenue
                             New York, NY 10017-3206
                            Telephone: 800 842-2733]

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74.   CHANGE  OF RATE  SCHEDULE.  We may,  at any time  and  from  time to time,
      substitute  a new rate  schedule for the one  currently  effective in your
      certificate.  A new rate schedule will apply only to benefits arising from
      any premiums and internal  transfers  applied to the  Traditional  Annuity
      while such rate  schedule  is in effect.  Any change in the rate  schedule
      will not affect the amount of  benefits  purchased  prior to the change by
      any premiums and internal transfers applied to the Traditional  Annuity. A
      change in the rate  schedule will be made only after we have given you and
      the  contractholder  three months'  written notice of the change.  Any new
      rate schedule will specify:

            A)    the charges for expenses and contingencies;

            B)    the  interest   rates  and  the   mortality   bases  used  for
                  determining  benefits  arising  from  amounts  applied  to the
                  Traditional Annuity; and

            C)    any  applicable  surrender  charges on lump-sum  benefits  and
                  internal   transfers  arising  from  amounts  applied  to  the
                  Traditional Annuity.

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                                  RATE SCHEDULE

      RATE SCHEDULE.  The benefits bought by any premiums and internal transfers
      applied to the  Traditional  Annuity while this rate schedule is in effect
      will be computed on this basis:

            (1)   no  deduction  for expenses or  contingencies,  except for any
                  premium taxes incurred by TIAA for your certificate;

            (2)   interest  from  the end of the day on  which  the  premium  or
                  internal transfer is credited, to the date that such amount is
                  deducted  from  the  Traditional  Annuity   accumulation,   in
                  accordance with section 32, as follows:

                  For premiums and internal transfers applied to the Traditional
                  Annuity in any calendar  year,  the minimum  effective  annual
                  interest  rate,  to be  credited  will be set equal to the CMT
                  less 0.0125,  rounded to the nearest 0.0005,  provided however
                  that the minimum rate will never be less than 1.5% nor greater
                  than  3%.  For  each  calendar  year,  the CMT is the  average
                  five-year  Constant  Maturity  Treasury  Rate  reported by the
                  Federal   Reserve  for  the  calendar   month  of  [November],
                  preceding that year.

                  We may make future changes to the choice of calendar month for
                  which the average  five-year  Constant  Maturity Treasury Rate
                  will be used to set the CMT.  Any such change will be effected
                  only after  obtaining any approvals  required by the insurance
                  regulatory  authority of the jurisdiction shown on page 3, and
                  will also be made to all other  certificates  written  on this
                  form and delivered in that jurisdiction.  Any such change will
                  be made only  after we have  given you three  months'  written
                  notice.

            (3)   interest  at the  effective  annual  rate of 2% after the date
                  that payments begin under a one-life or two-life annuity; and

            (4)   mortality  according  to  the  Annuity  2000  Mortality  Table
                  (Merged  Gender Mod C),  with ages set back  three  months for
                  each  completed  year  between  December 31, 2000 and the date
                  that payments begin under a one-life or two-life annuity.

      A  SURRENDER  CHARGE of 0% will be assessed  against any of the  following
      paid from the portion of your  Traditional  Annuity  accumulation  arising
      from premiums and internal  transfers  applied to the Traditional  Annuity
      while this rate schedule is in effect:

            A)    lump-sum benefits paid to you as a cash withdrawal;

            B)    lump-sum  benefits paid to another funding vehicle as a direct
                  transfer under federal tax law;

            C)    internal transfers; and

            D)    rollovers.

      These  rate  guarantees   cease  to  apply  to  any  Traditional   Annuity
      accumulations  that you  transfer  to the Real  Estate  Account or to your
      companion CREF certificate.

--------------------------------------------------------------------------------
                                                                        Page RS1
<PAGE>

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
YOUR TIAA RETIREMENT SELECT PLUS (II) CERTIFICATE
--------------------------------------------------------------------------------

            BETTERMENT OF RATES.  When you or your  beneficiary  begin  benefits
            under a one-life or two-life  annuity,  we will compute any benefits
            provided by the  portion of your  Traditional  Annuity  accumulation
            resulting from amounts applied to the Traditional Annuity while this
            rate  schedule  is in effect on the basis  stated  above,  or, if it
            produces a larger guaranteed  benefit,  on the basis then in use for
            any single premium immediate  annuities offered by TIAA to contracts
            of the same class as the contract  under which this  certificate  is
            issued.

<TABLE>
<CAPTION>
============================================================================================================
                      GUARANTEED ANNUAL AMOUNT OF INCOME BENEFITS UNDER THE ONE-LIFE
                               ANNUITY WITH 10-YEAR GUARANTEED PERIOD OPTION
                                PROVIDED BY $10,000 FROM YOUR ACCUMULATION
                                    (ASSUMING A PREMIUM TAX RATE OF 0%)

                           One-twelfth of the amount shown is payable each month
------------------------------------------------------------------------------------------------------------
  Adjusted Age     Annual Amount of    Adjusted Age    Annual Amount of    Adjusted Age   Annual Amount of
  When Payments     Monthly Benefit    When Payments    Monthly Benefit    When Payments   Monthly Benefit
      Begin            Payments            Begin           Payments            Begin          Payments
------------------------------------------------------------------------------------------------------------
<S>    <C>              <C>                 <C>             <C>                 <C>            <C>
       40               $305.99             57              $383.81             74             $553.18
       41               $309.20             58              $390.38             75             $568.43
       42               $312.54             59              $397.25             76             $584.44
       43               $316.02             60              $404.44             77             $601.22
       44               $319.65             61              $411.96             78             $618.78
       45               $323.43             62              $419.85             79             $637.13
       46               $327.38             63              $428.13             80             $656.25
       47               $331.50             64              $436.82             81             $676.14
       48               $335.79             65              $445.95             82             $696.74
       49               $340.27             66              $455.55             83             $718.03
       50               $344.94             67              $465.65             84             $739.91
       51               $349.82             68              $476.29             85             $762.31
       52               $354.90             69              $487.50             86             $785.11
       53               $360.20             70              $499.31             87             $808.15
       54               $365.73             71              $511.75             88             $831.28
       55               $371.50             72              $524.86             89             $854.30
       56               $377.52             73              $538.66             90             $877.00
------------------------------------------------------------------------------------------------------------
</TABLE>
The yearly payments shown above are those that result from the application of an
accumulation  of $10,000  (assuming a premium tax rate of 0%) in the Traditional
Annuity to the  specified  income  option  when the  annuitant  has  attained an
adjusted  age as shown,  but has not passed the date on which that  adjusted age
was attained by as much as one month.

         The annuitant's  adjusted age equals the  annuitant's  actual age minus
three months for each completed year between December 31, 2000 and the date that
payments begin under a one-life or two-life annuity.  All ages used in computing
benefits are  calculated in completed  years and months.  Payments  beginning at
ages other than those shown, and under other income options, are computed on the
basis  stated  in the rate  schedule.  For  accumulations  other  than  $10,000,
payments will be proportionate.

================================================================================

                     GROUP FLEXIBLE PREMIUM DEFERRED ANNUITY
                        FIXED AND VARIABLE ACCUMULATIONS
                                NONPARTICIPATING

--------------------------------------------------------------------------------
                                                                        Page RS2
<PAGE>

              TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
                                     (TIAA)
                    730 THIRD AVENUE, NEW YORK, NY 10017-3206

                 ENDORSEMENT TO TIAA RETIREMENT ANNUITY CONTRACT

This  endorsement  modifies  the  provisions  of your  TIAA  Retirement  Annuity
Contract and becomes part of it. Please read this  endorsement  and attach it to
your contract.

ALL  REFERENCES TO THE TERMS OF AN EMPLOYER'S  PLAN AND TO ERISA ARE DELETED AND
ARE NOT APPLICABLE TO THIS CONTRACT.

THE TERM REQUIRED BEGINNING DATE IS REPLACED WITH THE FOLLOWING:

      Your REQUIRED  BEGINNING  DATE is the first of the month in which you turn
      age 90.

THE MINIMUM  DISTRIBUTION  ANNUITY  INCOME  OPTION IS NOT  AVAILABLE  UNDER THIS
CONTRACT.

A REAL  ESTATE  ACCOUNT  LUMP-SUM  BENEFIT  MAY NOT BE PAID TO  ANOTHER  FUNDING
VEHICLE  AS A DIRECT  TRANSFER  UNDER  FEDERAL  TAX LAW.  ANY  REFERENCE  TO THE
CONTRARY IS DELETED.

THE FOLLOWING PROVISIONS ARE ADDED:

      DISTRIBUTION REQUIREMENTS UPON THE DEATH OF THE ANNUITANT. Notwithstanding
      any other  provision  in your  contract,  if you die  before  the  annuity
      starting  date,  we will pay the  death  benefit  in  accordance  with the
      requirements  of Section  72(s) of the Internal  Revenue Code of 1986,  as
      amended.  Thus, the death benefit must be distributed within five years of
      the death of the  annuitant.  However,  if your  beneficiary  is a natural
      person and  payments  begin  within one year of your death,  and within 60
      days of the date we receive due proof of your death,  the distribution may
      be made over the  lifetime  of your  beneficiary  or over a period  not to
      exceed  your  beneficiary's  life  expectancy.  If your spouse is the sole
      death benefit payee, he or she may choose to become the owner and continue
      the contract.  If your spouse is the sole death benefit payee and does not
      make a choice within 60 days of the date we receive due proof of death, he
      or she will automatically  become the owner of the contract as of the date
      of your  death.  TIAA  may  effect  such  transfer  of  ownership  to your
      surviving  spouse under a Method of Payment of the Death Benefit chosen by
      TIAA.

            If you die on or after the annuity starting date, any income benefit
      remaining due must be  distributed at least as rapidly as under the income
      option on which income benefit  payments were being made as of the date of
      death.

      MINIMUM PREMIUMS. Premiums for this contract may be paid in any amount not
      less than $100 each.

                                     /s/ Herbert M. Allison, Jr.

                                        CHAIRMAN, PRESIDENT AND
                                        CHIEF EXECUTIVE OFFICER

--------------------------------------------------------------------------------
TIAA-ATRA                                                                Page E1

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