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Prepared for Utah Higher Education Assistance Authority

Prepared for: Utah Higher Education Assistance Authority Our pledge to you When you invest with Vanguard, we promise to: . Align our interests with our clients' interests and invest the majority of our personal assets alongside yours Manage your investments with prudence, a long-term perspective, and the goal of providing returns that are consistently better than those of competitors Adhere to the highest standards of ethical behavior and fiduciary responsibility Strive to be the highest value provider of investment services by offering outstanding performance and service, while keeping costs as low as possible • Communicate candidly with you about investment risks and costs, as well as potential rewards, in keeping with our "plain talk" philosophy Maintain highly effective controls to protect your assets and confidential information Employ a talented, diligent, and diverse crew to ensure your money and your needs are well cared for Adapt, evolve, and continuously improve, because you should expect excellence in all that we do For institutional use only. Not for distribution to retail investors. 6
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