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Prepared for Utah Higher Education Assistance Authority

Prepared for: Utah Higher Education Assistance Authority Current, industry average, and proposed Target Enrollment Portfolio glide paths Equity Weight (%) 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% Total Equity: 19% 0.0% 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 -1 -2 -3 -4 Years to Enrollment Aggressive Aged-Based Average Equity Allocation -Moderate Age-Based Industry Average Aged-Based Target Enrollment •Conservative Age-Based % of Participants Aggressive Moderate Conservative 60.90% 51% 41.80% 43% 24.50% 6% 52.90% Target Enrollment Portfolio *Reflects data across Vanguard's full service 529 plans. Sources: Vanguard and Morningstar. Total Equity: 11.6% For institutional use only. Not for distribution to retail investors. 16
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