Scholarshare Program Offers Easy Way for Families to Help Save for Rising Costs of College; $50 Target GiftCard Offer Comes Just in Time for the Holiday Season.

SACRAMENTO, Calif. -- As the cost of a college education continues to rise, the Golden State ScholarShare College Savings Trust Program reminds families that it's never to early to start saving for the future of a young child by opening a ScholarShare Account. ScholarShare, California's official 529 college savings plan, offers tax benefits and a low minimum investment requirement of $25 to help save for the increasing costs of higher education.

"It is becoming more and more expensive to attend a college, university or vocational school," said Christopher Lynch, Regional Director at TIAA-CREF Tuition Financing, Inc. (TFI), which manages ScholarShare. "By taking advantage of the ScholarShare program now, families can start setting money aside for higher education. During the holiday season it is especially important to remember that one of the greatest gifts we can give our children is to help them follow their dreams and go to college."

The ScholarShare program announced a promotional offer from Target for eligible persons who open a new ScholarShare Account online between November 7, 2005 and December 30, 2005. ScholarShare Account owners will receive a $50 Target GiftCard for opening a new Account online with a minimum $100 investment.(a) For more details on the offer, see full terms and conditions at www.scholarshare65.com.

Any United States resident who has reached the age of majority (or an emancipated minor) with a valid Social Security number or federal Taxpayer Identification number can open a ScholarShare Account. Accounts can be opened for as little as $25 ($15 if your employer provides payroll deduction). Funds in ScholarShare Accounts can be used at thousands of eligible colleges throughout the United States, as well as some abroad, and earnings are exempt from federal and California income taxes when Account funds are used to pay for room, board, tuition, supplies and other qualified expenses. The law allowing federal income tax-free qualified withdrawals is set to expire on December 31, 2010. Congress may or may not extend the law beyond this date. The earnings portion of non-qualified withdrawals are subject to California and federal income tax and an additional 10% federal tax.

California State Treasurer Phil Angelides launched ScholarShare in California in 1999, and the Program has since grown to more than 159,000 Accounts and more than $1.6 billion in assets, as of September 30, 2005. The Program offers five Investment Options: the Guaranteed Option, the Age-Based Asset Allocation Option, the Aggressive Age-Based Asset Allocation Option, the 100% Equity Option and the 100% Social Choice Equity Option.

For more information on ScholarShare, call toll free 1 866 506-8774, or visit www.scholarshare65.com.

(a)Terms and Conditions: To receive one (1) $50 Target(R) GiftCard you must: 1) open a new ScholarShare Account online with a minimum investment of $100; and 2) provide ScholarShare with your valid physical address. You are not eligible for this offer if you have already received $100 in gift certificates, gift cards or other monetary prizes from TIAA-CREF Individual & Institutional Services, LLC, or Teachers Personal Investors Services, Inc., from 1/1/05 through 12/31/05. Allow 8 to 10 weeks from date of qualifying deposit of contribution for receipt of GiftCard.

Offer begins on 11/7/05 at 12 a.m. Pacific Time (PT) and ends on 12/30/05 at 11:59 p.m. (PT). Offer open only to legal U.S. residents age 18 or older on 11/7/05. Limit one $50 Target GiftCard per eligible new Account with a maximum of two $50 GiftCards per applicant. See complete Terms and Conditions at www.scholarshare65.comTarget GiftCards are redeemable at any Target store or online at Target.com. Federal, state and local taxes may apply and are the sole responsibility of the GiftCard recipient. No expiration dates apply to Target GiftCards. Void where prohibited.

This offer may not be combined with other offers in order for applicant to receive additional gift certificates, gift cards or other monetary prizes. Investment management and program administration for the Golden State ScholarShare College Savings Trust Program are provided by TIAA-CREF Tuition Financing, Inc. ("TFI"), and investments are made through TIAA-CREF Individual & Institutional Services, LLC ("Services"), as distributors. Interests in the ScholarShare Program are municipal fund securities issued by the ScholarShare Investment Board as described in the ScholarShare Disclosure Booklet.

The Bullseye Design and Target are registered trademarks of Target Brands, Inc. All rights reserved. Target is not a participating partner in or sponsor of this offer.

TIAA-CREF Individual & Institutional Services, LLC, distributor, member NASD, SIPC.

The State of California, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any Account or guarantee its principal or investment return except for TIAA-CREF Life Insurance Company's guarantee to ScholarShare under the funding agreement for the Guaranteed Option. Account value will fluctuate based upon a number of factors, including general market conditions.

Consider the investment objectives, risks, charges and expenses before investing in the Golden State ScholarShare College Savings Trust. Please visit www.scholarshare.com for a Disclosure Booklet containing this information. Read it carefully before investing.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.