Equities, totalling $41.2 billion at year end 2009, include stocks and the Teachers' Private Capital portfolio.

We invest in public equities in several major ways:

• Stock market indexes
• Actively managed portfolios
• Relationship Investing
• Long-term equities

Good corporate governance
We believe good governance is good business. As a long-term shareholder in more than 800 companies worldwide, we play an active leadership role in promoting the importance of good corporate governance to achieve better long-term performance.