The International Council of Shopping Centers (ICSC) announced today that Kathleen Nelson, managing director/group leader for the mortgage and real estate division of Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), has been nominated by the ICSC Board of Trustees to serve as chairperson for the 2003-2004 term. Ms. Nelson will officially assume her role as chairperson on May 20, 2003 in Las Vegas, Nev., during ICSC's 2003 Spring Convention.

Nelson has been a member of ICSC for over 20 years and currently serves as ICSC's Treasurer. A member of the Board of Trustees since 1991, Ms. Nelson has also served as chairperson for the 1996 ICSC Spring Convention. Succeeding Gary Rappaport, SCSM, SCMD, CLS, president and CEO of The Rappaport Companies, McLean, VA, Nelson will be the association's 44th chairperson.

"Kathleen has been a dedicated member of ICSC's Board of Trustees for many years and I am pleased that our Board has recognized her contributions to the success of our association by nominating her to be ICSC's next chairperson," said ICSC's President and CEO, Michael P. Kercheval. "Kathleen has a wealth of financial and real estate experience and knowledge that will serve our membership well in the coming year. I, along with our Board of Trustees, look forward to working with her during her chairmanship," Kercheval added.

Nelson has been with TIAA-CREF for 30 years and is a member of the Urban Land Institute, Real Estate Board of New York (Shopping Center Committee - Past Chair), Mortgage Bankers Association, and the New York City Investment Fund - Retail and Tourism Committee. She is a graduate of Indiana University. Ms. Nelson resides in Long Island, New York with her husband and two children.

"I'm delighted and honored to have been nominated to chair the ICSC for the 2003-2004 term," she said. "We'll be facing many challenges during the year, and I look forward to strengthening the dialogue and cooperation between the investor and owner/developer communities that make up this association," Nelson added.

Headquartered in New York City, TIAA-CREF, with approximately $262 billion (as of 12/31/02) in assets under management, is the premier retirement system for people employed in education and research in the U.S., serving 2.5 million participants at 15,000 institutions. The organization is widely recognized as a major voice for shareholder rights and improved corporate governance. In addition to providing pensions, the TIAA-CREF group of companies offers after-tax annuities, mutual funds, life and long-term care insurance and trust services to the general public. TIAA-CREF Tuition Financing, Inc., a subsidiary of TIAA, manages 13 state-sponsored, "529" college savings plans, more than any other company.