TIAA-CREF Update

On January 19 we alerted you that TIAA-CREF was experiencing some problems with its new computer platform to which it converted IIT in mid-December. This may have been the cause for TIAA to not credit some yearend contributions to the retirement plan. It has now been confirmed that TIAA
did receive timely wire transfers from IIT but did not credit those monies to employees' accounts. TIAA has assured us that it will rectify its error and make all employees whole.

In order to make necessary corrections, TIAA indicated that it had to temporarily back out any contributions made to the affected employees since the date of the transactions. It will then replace these contributions. While this is being completed, you may notice this lack of retirement credits for recent months if you check your account online. At this time, TIAA continues to work on making sure each employee's account is accurate. To assure that final TIAA adjustments are correct, IIT has decided to engage an outside auditor to review retirement contributions for 2006 and 2007. We
appreciate your patience during this period. We will continue to update you on this matter as we obtain more information.