IMPORTANT INFORMATION
                       REGARDING THE CREF PROXY STATEMENT

Due to an  administrative  error,  the order of the  proposals in the CREF proxy
ballot is different than the order of the proposals in the CREF proxy statement.
When voting, please follow the descriptions given in the ballot, rather than the
order presented in the proxy statement. The correct order to vote is as follows:

PROPOSAL I--to divest from gold mining
(printed as proposal IV in proxy statement)

PROPOSAL II--to separate CEO and Chairman positions
(printed as proposal I in proxy statement)

PROPOSAL  III--to  report on the adoption of the Conference  Board  Commission's
recommendations (printed as proposal II in proxy statement)

PROPOSAL IV--to revive policyholder nominating process
(printed as proposal III in proxy statement)

PROPOSAL  V--to stop investing in companies  supporting gun control  (printed as
proposal V in proxy statement)

PROPOSAL VI--to divest from tobacco investments
(printed as proposal VI in proxy statement)