UESP NEWS. Underlying Fund. Vanguard Emerging Markets Stock Index Fund Vanguard Total International Bond Index Fund Vanguard International Value Fund

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1 UESP NEWS U T A H E D U C A T I O N A L S A V I N G S P L A N, A P L A N April 2017 on twitter uesp.org A College Degree in Australia? Use UESP Funds Abroad Is your child consumed by wanderlust? Does your son or daughter dream of earning a college degree in Copenhagen, Hong Kong, Paris, Australia, or some other foreign locale? There s good news if you answered in the affirmative. UESP account funds can be used to pay for tuition, fees, books, supplies, and other qualified educational expenses without tax penalty at many higher education institutions outside the United States. The college or university must be an eligible educational institution, which means it participates in federal financial aid programs for students. Visit fafsa.ed.gov, the U.S. Department of Education s federal student aid website, to determine whether an institution is eligible. Click School Code Search, select State, and scroll down to Foreign Country to find an alphabetical list of colleges and universities abroad that are eligible. What s Inside A College Degree in Australia?..1 Vanguard and Dimensional Cut Expense Ratios , 3 Is Your Contact Information Current? College Savings Goals Discover Summer Job Opportunities Ways to Contribute to Your Account Investment Option Performance as of March 31, Vanguard, Dimensional Cut Operating Expense Ratios The Vanguard Group and Dimensional Fund Advisors lowered Operating Expense Ratios on six mutual funds that UESP uses as underlying investments in six investment options. Prospectus dates on 12 funds also were changed. See the effect of the lower Operating Expense Ratios by viewing the Asset Fee Structure Table and the Approximate Cost of a $10,000 Investment Table, available at uesp.org. The Vanguard fund changes are detailed below. Underlying Fund Vanguard Emerging Markets Stock Index Fund Vanguard Total International Bond Index Fund Vanguard International Value Fund Ticker Symbol Vanguard New Operating Expense Ratio Old Operating Expense Ratio New Prospectus Date VEMRX 0.09% 0.10% February 24, 2017 VTIFX 0.07% 0.09% February 23, 2017 VTRIX 0.43% 0.46% February 23, 2017 Fee Cuts continued on page Utah Educational Savings Plan The terms Utah Educational Savings Plan and UESP are registered service marks.

2 529 Day A Good Time to Reflect on College Savings Goals May 29 is a special day in the college savings community thanks to Section 529 of the Internal Revenue Code, which gave life to 529 plans. Many states celebrate May 29 as 529 Day to raise awareness of the important role 529 plans play in helping American families save for higher education. For those who already have 529 accounts, it s a good time to review what you have. Here are just a few ideas to consider: Are you contributing enough to your plan? College is expensive, and any small amount you contribute to your plan has the potential to grow so the more you can put in now, the better. Each year, it makes sense to re-evaluate where you are financially to see if you can increase your contributions. Are you signed up for payroll contributions? The easiest and most consistent way to give to your account is through payroll contribution. You choose how much money you want to contribute, and it automatically goes into your account from each paycheck. It s a simple, low-maintenance way to ensure you are consistently contributing. Are you anticipating withdrawing funds in the next year? If your beneficiary is approaching college, May 29 is a good time to start researching the best way to make withdrawals. Financial aid, timing of withdrawals, scholarships there are many circumstances that affect how much you withdraw, and from which accounts if you have more than one. Even if you aren t quite ready to withdraw, this might be a good time to review how to withdraw funds so you are prepared. Does it make sense to sit down with your child and teach them about college savings? Depending on the age of your children, this might be a good opportunity to show them the UESP dashboard. Located in Account Access, the dashboard uses interactive graphics to show your account information, such as account value, investment allocations, contributions, and withdrawals. You also can discuss how much college costs with your child and where you would like your savings target to land. Many account owners use this as a tool to teach their children the value of education and saving versus borrowing. Have you considered the Gift Program? UESP has a special program that allows family members and friends to contribute to a UESP account using a unique code. It s a good option to consider around birthdays, holidays and other gift-giving events. Do you or somebody you know have a baby on the way? If you or a family member/friend have a newborn, or are planning to add to your family in the next year, it s never too early to talk about opening an account for that child. Account owners can change the beneficiary to any member of the family; so even though he or she hasn t been born, you can name yourself or any family member as the beneficiary. Once the child is born and has obtained a Social Security Number, you can then change the beneficiary on the account to the newborn. As you look at your account and evaluate what, if any, changes you d like to make, please visit uesp.org or call us at with any questions. Is Your Contact Information Current? You provided contact information to UESP when you opened your account online or submitted an Individual Account Agreement form (form 100). But circumstances change, and some elements of your contact information may not be up to date. Did you change your surname? Is your physical address different? Are you using a cellphone instead of a landline? Maybe you are using a new address? It s important to keep accurate and updated contact information on file at UESP. You can easily review your contact information by logging in to your account at uesp.org. Select Change Account Owner Info or Change Address to make revisions. Alternatively, you can mail or hand-deliver an Account Information Change form (form 500) to UESP. The form is available for printing at uesp.org. While you are at it, you might want to make sure your beneficiary s contact information is up to date. PO Box , Salt Lake City, UT

3 Discover Summer Job Opportunities; Make a Splash for Your Future Career Summer is just around the corner, and high school and college students will seek employment during their time off from school. Whether it s for work experience, extra spending cash, or longerterm goals, students will trade desks and libraries for ice cream stands and lifeguard chairs or the great outdoors. Katie L., a student at Seattle Pacific University, has had an adventurous time with her summer job. The past two summers, she has worked for a river rafting company based in Grand Teton National Park in Wyoming. Katie spent 25 hours a week as a shuttle driver and a reservations agent, plus 20 hours a week at an internship. Katie s goal is to work as a designer or photographer in the outdoor industry. Her summer work provides much more to that end than just placing her in one of the most naturally scenic areas of the country. Working and saving during the summer has allowed me to take necessary unpaid internships in order to build the connections I need to find a job, she said. During the school year, Katie is a student full time and typically has an unpaid internship that takes up 15 to 20 hours of her week. Katie s job provided free housing, so aside from monthly expenses like groceries and gas, she put most of her earnings into savings. I want to focus on my schoolwork and building a network for postgraduation, she said. (My job) has taught me the importance of saving and thinking long term when it comes to expenses. Fee Cuts continued from page 1 Vanguard Emerging Markets Stock Index Fund (VEMRX) is an underlying investment in these investment options: Aggressive Global Moderate Conservative 70% Equity/30% Fixed Income 20% Equity/80% Fixed Income The Dimensional fund changes are detailed below. Vanguard Total International Bond Index Fund (VTIFX) is available as an underlying investment only in the Customized and Customized Static investment options. It isn t a component of other investment options. Vanguard International Value Fund (VTRIX) was closed to new investments as an underlying investment in the Customized and Customized Static investment options as of July 25, Underlying Fund Ticker Symbol Dimensional New Operating Expense Ratio Old Operating Expense Ratio New Prospectus Date Global Equity Portfolio DGEIX 0.30% 0.31% February 28, 2017 Global Allocation 60/40 Portfolio DGSIX 0.28% 0.29% February 28, 2017 Global Allocation 25/75 Portfolio DGTSX 0.25% 0.26% February 28, 2017 U.S. Large Cap Value Portfolio DFLVX N/A N/A February 28, 2017 U.S. Small Cap Value Portfolio DFSVX N/A N/A February 28, 2017 DFA Real Estate Securities Portfolio DFREX N/A N/A February 28, 2017 DFA International Value Portfolio DFIVX N/A N/A February 28, 2017 DFA One- Fixed Income Portfolio DFIHX N/A N/A February 28, 2017 DFA Five- Global Fixed Income Portfolio DFGBX N/A N/A February 28, 2017 Dimensional funds are available as underlying investments only in the Customized and Customized Static investment options. They aren t components of other investment options. 3

4 UESP Gives You Many Ways to Contribute to Your Account As 2017 shifts into a higher gear, now is a good time to review how you contribute to your UESP account. There are more and more convenient methods to save than mailing a check to UESP. One-Time Electronic Contribution. You can set up a one-time electronic contribution to your UESP account from your bank or credit union account. Set up a one-time contribution online by logging in to your account at uesp.org and supplying the required information. You also can submit the One-Time or Recurring Electronic Contributions Authorization/ Change form (form 200), available to print at uesp.org. Attach a voided check or preprinted savings withdrawal slip with preprinted account and routing numbers to the form. Recurring Electronic Contribution. Set up recurring contributions in the same way by logging in to your account or submitting form 200. Gift Program. Friends and family members can show their support of your beneficiary s education by making gift contributions to your UESP account. Enroll in the UESP Gift Program by logging in to your account at uesp.org. Click Gift Program, then select Enable Gifting. A link to your personal gift page and your unique gift code will appear on your screen. Create a personalized message in the message field. Then share your link with friends and family by and social media. Anyone can make a gift by clicking on the link and following the instructions. Special Occasion Electronic Contribution. Celebrate a birthday, holiday, or other event in the life of your beneficiary by establishing an annual special occasion contribution. Each year on the day or days you choose, the predetermined amount you set will be withdrawn automatically from your bank or credit union account and electronically contributed to your UESP account. So you don t forget, UESP will send you a reminder one week before the scheduled withdrawal day. Log in to your account online at uesp.org to set up a special occasion contribution. Payroll Contribution. You can make regular electronic contributions to your UESP account(s) by payroll contribution if your employer allows transfers of a portion of your pay through direct deposit. Log in to your account at uesp.org to sign up for payroll contribution with after-tax dollars. Enter your employer s name, amount to be contributed each pay period, and the dollar amount or percentage of your contribution to go to each account. Online Bill Pay. UESP accepts contributions from your financial institution s online bill-pay service. Establish online bill-pay contributions by signing in to your financial institution s website. If you have more than one UESP account, set up each account as a separate online bill payment. Be sure to put your UESP account number in the payee account field and your beneficiary s name in the payment description or memo field. Utah State Income Tax Return. Are you a Utah taxpayer? If you are, you may contribute all or part of your Utah state income tax return to your account. Your refund will be applied equally among all accounts owned by you and, if filing jointly, your spouse. To send all or a portion of your tax refund to UESP, mark the appropriate option on the back page of your Utah state income tax form when you fill out your return. Wire Transfers from Your Financial Institution. You can also contribute to your account by initiating a wire transfer at your bank or credit union. In addition, if you have an account at another 529 plan, you can roll over the balance to your UESP account. And of course, you can always mail a check to UESP to make your contribution. For more information about making contributions, visit uesp.org, call UESP toll-free at , or info@uesp.org or read the Program Description. UESP offices are closed for the following holidays Memorial Day Monday, May 29, 2017 Independence Day Tuesday, July 4, 2017 SAVE FOR COLLEGE. INSPIRE THEIR FUTURE. 4 UESP wants to hear about your UESP college savings experience! Please shareyourstory@uesp.org. uesp.org

5 Month AGE-BASED INVESTMENT OPTIONS Aggressive Global Aggressive Domestic Moderate Conservative Option 3 (Closed to new investments) Months to Date 1 Investment Option Performance as of March 31, 2017 One Average Annualized Return 2 Five Ten Since Inception Inception Date 3 Age % 6.54% 6.54% 16.72% 7.12% 11.09% 6.42% 10.04% 4/1/2003 Age % 6.54% 6.54% 16.71% 7.12% 11.08% 6.42% 10.04% 4/1/2003 Age % 5.43% 5.43% 13.43% 6.16% 9.31% 6.33% 9.24% 4/1/2003 Age % 4.30% 4.30% 10.21% 5.14% 7.49% 5.99% 8.19% 4/1/2003 Age % 3.10% 3.10% 7.15% 3.97% 5.53% 5.37% 6.87% 4/1/2003 Age % 1.84% 1.84% 4.13% 2.68% 3.47% 4.53% 5.29% 4/1/2003 Age 19+ or College Enrolled % 0.39% 0.39% 0.98% 0.97% 0.84% 1.31% 1.69% 4/1/2003 Age % 5.69% 5.69% 17.91% 9.58% 12.86% 7.33% 5.28% 9/20/1999 Age % 5.70% 5.70% 17.91% 9.58% 12.57% 7.57% 5.57% 9/20/1999 Age % 4.76% 4.76% 14.40% 8.13% 10.69% 7.00% 5.39% 9/20/1999 Age % 3.80% 3.80% 10.93% 6.60% 8.77% 6.34% 5.16% 9/20/1999 Age % 2.77% 2.77% 7.66% 4.95% 6.58% 5.39% 4.73% 9/20/1999 Age % 1.68% 1.68% 4.37% 3.19% 3.99% 4.20% 4.23% 9/20/1999 Age 19+ or College Enrolled % 0.39% 0.39% 0.99% 0.97% 0.84% 1.31% 2.14% 9/20/1999 Age % 5.43% 5.43% 13.43% 6.15% 8.87% 5.72% 9.07% 4/1/2003 Age % 5.43% 5.43% 13.43% 6.16% 8.65% 5.96% 8.84% 4/1/2003 Age % 4.30% 4.30% 10.21% 5.14% 7.16% 5.53% 8.09% 4/1/2003 Age % 3.10% 3.10% 7.14% 3.97% 5.55% 4.98% 7.24% 4/1/2003 Age % 1.84% 1.84% 4.13% 2.69% 3.81% 4.12% 6.12% 4/1/2003 Age % 1.13% 1.13% 2.60% 1.80% 2.61% 3.49% 5.13% 4/1/2003 Age 19+ or College Enrolled % 0.36% 0.36% 0.98% 0.90% 0.76% 1.27% 1.66% 4/1/2003 Age % 4.33% 4.33% 10.25% 5.15% 7.09% 5.87% 7.79% 4/1/2003 Age % 4.30% 4.30% 10.21% 5.14% 6.85% 5.94% 7.36% 4/1/2003 Age % 3.10% 3.10% 7.15% 3.97% 5.19% 5.26% 6.38% 4/1/2003 Age % 1.84% 1.84% 4.12% 2.68% 3.44% 4.30% 5.15% 4/1/2003 Age % 0.48% 0.48% 1.05% 1.14% 1.43% 3.14% 3.75% 4/1/2003 Age % 0.48% 0.48% 1.06% 1.14% 1.16% 2.85% 2.93% 4/1/2003 Age 19+ or College Enrolled % 0.29% 0.29% 0.99% 0.76% 0.62% 1.20% 1.61% 4/1/2003 Age % 5.69% 5.69% 17.88% 9.47% 12.94% 7.16% 5.11% 9/20/1999 Age % 5.69% 5.69% 17.84% 9.54% 12.98% 7.18% 5.12% 9/20/1999 Age % 5.46% 5.46% 16.97% 9.20% 12.46% 6.87% 4.95% 9/20/1999 Age % 4.78% 4.78% 14.38% 8.14% 10.87% 6.17% 4.63% 9/20/1999 Age % 4.02% 4.02% 11.87% 6.89% 9.11% 5.50% 4.40% 9/20/1999 Age % 3.25% 3.25% 9.39% 5.68% 7.39% 4.78% 4.14% 9/20/1999 Age 19+ or College Enrolled % 2.43% 2.43% 6.93% 4.31% 5.51% 3.92% 3.79% 9/20/1999 Important Information Regarding Investments in UESP The performance returns shown in the table above are based on a $10,000 beginning account balance, assuming the money was invested on the first day and held until the last day of each period shown. These returns only reflect the performance returns of a hypothetical $10,000 investment for a particular investment option over the stated period of time reflected in the table, not for individual accounts. Individual account performance will vary based on the timing of the initial and subsequent investments; withdrawals (if any); and the account balances. The returns shown above (a) take into account the underlying investment performance for each period; (b) show applicable interest and dividends; and (c) are net of the Administrative Asset Fee charged by UESP during such periods. Beginning on January 1, 2010, and ending on September 30, 2014, the Administrative Maintenance Fee of up to $15 annually was not reflected on the returns. Beginning on October 1, 2014, returns do not reflect the Administrative Maintenance Fee, which was renamed the Administrative Mail Delivery Fee and is capped at $12 annually. The Administrative Mail Delivery Fee does not apply to Utah residents. It also does not apply to non-utah residents who elect to view their quarterly account statements, Program Description, Program Description Supplements, newsletters, and all other UESP communications online rather than receiving them in the U.S. mail. The hypothetical performance for non-utah residents who elect to receive quarterly account statements in the mail would be lower due to the annual Administrative Mail Delivery Fee. For age-based and static investment options, performance returns shown above assume that (a) prior to January 1, 2007, the investment options did not rebalance; (b) beginning January 1, 2007, and ending December 31, 2012, investment options rebalanced on January 1 of each year to match the target allocations for each investment option in effect at the time; and (c) beginning January 1, 2013, investment returns are based on the aggregate market value of the investment options, which reflect the actual investment rebalancing that takes place on the birthday of each beneficiary. For these reasons and the reasons stated above, the actual returns in an individual account will not match those shown in the tables. Past performance does not guarantee future results. The value of a UESP account may vary depending on market conditions and the performance of the investment option selected. It could be more or less than the amount contributed. In short, an investment could lose value. Except for the underlying investment in the accounts insured by the Federal Deposit Insurance Corporation (FDIC) and held in trust by UESP at Sallie Mae Bank and U.S. Bank (Banks), investments in UESP are not insured by the (FDIC). Contributions to and earnings on investments in the FDIC-insured accounts: Retain their value, subject to the application of the rules and regulations of the Banks and the FDIC to each account owner. Are allocated between the Banks according to the following percentages: Sallie Mae Bank (90 percent) and U.S. Bank (10 percent). Are insured by the FDIC on a pass-through basis to each account owner at each bank up to the maximum amount set by federal law, which is $250,000. The amount of FDIC insurance is based on the total of (a) the value of an account owner s investments in the FDIC-insured account at each bank, plus (b) the value of an account owner s other accounts (if any) at each Bank, as determined by the Banks and by FDIC regulations. Notes 1 -to-date calculations are based on a calendar year; January 1 to the current month-end date. 2 Average Annualized Returns for investment options with an inception date in the past 12 months are cumulative and nonannualized. 3 The inception date is the first date that (a) the investment option was offered and/or received a contribution, or (b) the underlying fund was offered as part of either the Customized or Customized Static investment options. 4 UESP will reallocate the account balance to the Age 19+ or College Enrolled age bracket for accounts with an age-based investment option, including the Customized investment option, when 5 Continued on the next page

6 STATIC INVESTMENT OPTIONS Month Months Investment Option Performance as of March 31, 2017 to Date 1 One Average Annualized Return 2 Five Ten Since Inception Inception Date 3 Equity 100% Domestic 0.10% 6.02% 6.02% 16.96% 10.17% 13.10% 7.22% 5.14% 9/20/1999 Equity 30% International 0.90% 6.30% 6.30% 16.31% 7.03% 10.95% N/A 9.86% 10/3/2008 Equity 10% International 0.27% 5.80% 5.80% 17.42% 8.36% 12.12% 6.91% 10.41% 4/1/ % Equity/30% Fixed Income 0.32% 4.53% 4.53% 12.27% 6.48% N/A N/A 9.02% 6/21/ % Equity/80% Fixed Income 0.23% 1.83% 1.83% 4.13% 2.69% N/A N/A 3.49% 6/21/2013 Fixed Income -0.01% 0.78% 0.78% 0.61% 2.09% 1.84% 3.86% 3.83% 9/9/2002 Public Treasurers Inv. Fund: Utah Res. 0.10% 0.30% 0.30% 1.06% 0.74% 0.70% 1.30% 2.77% 11/3/1996 Public Treasurers Inv. Fund: Non-Utah Res. 0.08% 0.26% 0.26% 0.91% 0.58% 0.52% 1.06% 2.65% 11/3/1996 FDIC-Insured 0.10% 0.29% 0.29% 0.92% 0.74% 0.62% N/A 0.68% 2/11/2009 CUSTOMIZED INVESTMENT OPTIONS The information below shows the returns for the following underlying investments and are net of the UESP Administrative Asset Fee. Returns on an account invested in the Customized or Customized Static investment options will depend upon the underlying investment allocation chosen by the account owner/agent. In addition, individual account performance will vary based on the timing of the investments in the investment option, any cash flow in or out of the UESP account during the investment period, and on the balances in the UESP accounts. Vanguard Funds Dimensional Funds VG Institutional Total Stock Market Index Fund 0.05% 5.68% 5.68% 17.85% 9.54% 12.98% N/A 13.91% 2/1/2010 VG Institutional Index Fund 0.10% 6.01% 6.01% 16.94% 10.15% 13.08% N/A 13.80% 2/1/2010 VG Value Index Fund -1.00% 3.21% 3.21% 18.52% 9.40% N/A N/A 12.28% 6/21/2013 VG Growth Index Fund 1.30% 9.56% 9.56% 15.69% 10.42% N/A N/A 13.95% 6/21/2013 VG Mid-Cap Index Fund 0.00% 6.14% 6.14% 16.52% 8.49% 12.68% N/A 14.40% 2/1/2010 VG Small-Cap Index Fund -0.25% 3.70% 3.70% 21.29% 7.22% 12.70% N/A 14.48% 2/1/2010 VG Small-Cap Value Index Fund -0.76% 1.94% 1.94% 22.73% 8.83% N/A N/A 13.38% 6/21/2013 VG Small-Cap Growth Index Fund 0.41% 5.97% 5.97% 19.47% 5.23% N/A N/A 10.09% 6/21/2013 VG Total International Stock Index Fund 2.81% 8.40% 8.40% 13.52% 0.93% 4.66% N/A 2.34% 5/6/2011 VG Developed Markets Index Fund 2.93% 7.77% 7.77% 12.49% 0.97% 6.06% N/A 5.71% 2/1/2010 VG International Value Fund % 8.01% 8.01% 13.24% -0.67% 4.99% N/A 4.55% 2/1/2010 VG International Growth Fund 4.00% 12.61% 12.61% 16.86% 2.59% 6.74% N/A 7.31% 2/1/2010 VG Emerging Markets Stock Index Fund 2.25% 10.82% 10.82% 17.41% 1.76% N/A N/A 4.01% 6/21/2013 VG Total Bond Market Index Fund -0.08% 0.86% 0.86% 0.25% 2.40% 2.08% N/A 3.18% 2/1/2010 VG Short-Term Investment-Grade Fund 0.11% 0.79% 0.79% 1.71% 1.77% 1.96% N/A 1.95% 8/1/2011 VG Short-Term Bond Index Fund 0.03% 0.45% 0.45% 0.21% 1.09% N/A N/A 1.20% 6/21/2013 VG Short-Term Infl.-Prot. Sec. Index Fund 0.14% 0.64% 0.64% 1.43% 0.43% N/A N/A 0.31% 2/3/2014 VG Total International Bond Index Fund -0.12% -0.06% -0.06% 0.94% 3.88% N/A N/A 3.84% 2/3/2014 DFA Global Equity Portfolio 0.65% 5.63% 5.63% 17.51% 5.76% N/A N/A 10.02% 6/21/2013 DFA Global Allocation 60/40 Portfolio 0.36% 3.79% 3.79% 10.76% N/A N/A N/A 5.35% 2/2/2015 DFA Global Allocation 25/75 Portfolio 0.20% 1.88% 1.88% 4.77% N/A N/A N/A 2.66% 2/2/2015 DFA Five- Global Fixed Income Portfolio 0.10% 0.71% 0.71% 0.04% N/A N/A N/A 0.90% 4/16/2015 DFA U.S. Large Cap Value Portfolio -0.95% 3.48% 3.48% 22.69% 8.56% N/A N/A 12.56% 6/21/2013 DFA U.S. Small Cap Value Portfolio -1.15% -1.40% -1.40% 23.65% 5.84% N/A N/A 10.71% 6/21/2013 DFA Real Estate Securities Portfolio -2.34% 0.74% 0.74% 2.63% 10.06% N/A N/A 10.62% 6/21/2013 DFA International Value Portfolio 2.25% 5.87% 5.87% 19.45% -0.53% N/A N/A 5.09% 6/21/2013 DFA One- Fixed Income Portfolio 0.08% 0.27% 0.27% 0.51% 0.33% N/A N/A 0.30% 6/21/2013 Public Treasurers Investment Fund % 0.24% 0.24% 0.86% 0.54% 0.49% N/A 0.46% 2/1/2010 FDIC-Insured Accounts 0.10% 0.28% 0.28% 0.94% 0.73% 0.60% N/A 0.67% 2/1/2010 either (a) the beneficiary turns age 19, or (b) a qualified withdrawal is processed for the account owner/agent, whichever comes first. 5 Closed to new investments beginning on July 25, Public Treasurers Investment Fund is a pool of money managed by the Utah state treasurer in short-term investments. Closed to new investments as an underlying investment in the Customized and Customized Static investment options beginning on July 25, UESP s historical and monthly returns are available online at uesp.org. Contact UESP Phone Fax info@uesp.org Website uesp.org Mailing Address PO Box Salt Lake City, UT Hours Business days, Monday through Friday, 8:00 a.m. to 5:00 p.m., Mountain Time Important Legal Notice Read the Program Description for more information and consider all investment objectives, risks, charges, and expenses before investing. Call for a copy of the Program Description or visit uesp.org. Investments in UESP are not guaranteed by UESP, the Utah State Board of Regents, the Utah Higher Education Assistance Authority or any other state or federal agency. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured accounts. Please read the Program Description to learn about the FDIC-insured accounts. Your investment could lose value. Non-Utah taxpayers and residents: You should determine whether the state in which you or your beneficiary pays taxes or lives offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP. UESP does not provide legal, financial, investment, or tax advice and the information provided in this document does not contain legal, financial, investment, or tax advice and cannot be construed as such or relied upon for those purposes. You should consult your own tax or legal advisor to determine the effect of federal and state tax laws on your particular situation. A Morningstar Analyst Rating for a 529 College Savings Plan is not a credit or risk rating. Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Morningstar does not represent its Analyst Ratings to be guarantees. Please visit Morningstar.com for more SAVE FOR COLLEGE. INSPIRE THEIR FUTURE. information about the Analyst Ratings, as well as other Morningstar ratings and fund rankings. 6