Common use of Control of Account Clause in Contracts

Control of Account. The Participant: • Retains control of how and when Account assets are used. • May change the Designated Beneficiary. • May take Non-Qualified Withdrawals, subject to applicable federal and state income taxes on earnings and potentially a 10% additional federal tax on earnings. Page 19 Contributions Initial Contribution -$25 minimum (no minimum when funding an Account through payroll deduction or automated Contributions and in certain other circumstances). Page 17 Subsequent Contributions - No minimum. Maximum Contribution Limit $500,000 per Designated Beneficiary (adjusted periodically). Page 18 Qualified Withdrawals Assets in an Account that are used to pay for Qualified Higher Education Expenses (as defined herein, which term includes a limited amount of expenses for primary or secondary school tuition) of the Designated Beneficiary (or sibling of the Designated Beneficiary with respect to the repayment of qualified education loans.) Qualified Higher Education Expenses may differ for federal and state income tax purposes. Page 24 Investment Changes Once you have contributed to an Account in the Program and allocated your Contributions to one or more investment options, you may move any or all of your Account balance to one or more different investment options twice per calendar year, or if you change the Designated Beneficiary on your Account to a Member of the Family of the current Designated Beneficiary. Page 20 Investment Options 12 investment options, including 10 managed by BlackRock, as well as the Principal Plus Portfolio and the NextGen Savings Portfolio: • 2 Age-Based Diversified Portfolios • 5 Diversified Portfolios • 3 Single Fund Portfolios • 1 Principal Plus Portfolio • 1 NextGen Savings Portfolio Pages 28-29 Fees and Charges Total Annual Asset-Based Fees, which include Program fees and Underlying Fund expenses, vary based on the Portfolio option selected. *As a percentage of a Portfolio’s average annual net assets. • Other fees and charges may apply. • Underlying Fund expenses are subject to change, affecting Total Annual Asset-Based Fees. Pages 32-36 Investment Risks and Other Considerations • Assets in an Account are not guaranteed, and an Account may lose money. • Federal and state tax laws may change and may adversely affect certain tax advantages of an investment in the Program. • Investment options, Sub-Advisors, fees and expenses may change. • Contributions to an Account may affect the eligibility of the Designated Beneficiary or the Participant for federal and state benefits, such as financial aid or Medicaid. Pages 42-50 Range of Total Annual Asset-Based Fees* Client Direct Series Units 0.00% - 0.51 % Federal Tax Treatment • Account earnings accrue federal income tax-free. • No federal income tax on Qualified Withdrawals. • No federal gift tax on Contributions up to $15,000 per year ($30,000 for spouses electing to split gifts) or $75,000 over 5 years ($150,000 for spouses electing to split gifts) - subject to certain limitations. Amounts above these annual limits are not subject to gift tax unless, together with other gifts, they exceed lifetime limits on gifts excluded from gift tax. • Contributions are generally considered completed gifts for federal gift and estate tax purposes. • Contributions are generally not included in the Participant’s estate for federal estate tax purposes. Pages 37-41 Portfolio Performance Portfolio performance information as of June 30, 2021 is contained in this Program Description. Updated Portfolio performance information for all Portfolios will be available on the Program’s Web site at xxx.xxxxxxxxxxxx.xxx. Past Portfolio performance is not indicative of future Portfolio performance. • BlackRock Portfolios Performance • iShares Portfolios Performance • Principal Plus Portfolio Performance • NextGen Savings Portfolio Performance Pages 61-75 Page 80 Page 90 Pages 92 State Tax Treatment • State tax treatment varies from state to state. • If Maine is not a Participant’s home state, the Participant should contact his or her home state’s Section 529 Program to learn more about potential favorable state tax treatment or other state benefits such as financial aid, scholarship funds, and protection from creditors offered by such home state for investing in that home state’s Section 529 Program. Page 40 Special Benefits Available to Maine Residents Maine Matching Grant Program, Xxxxxx Xxxxxx College Challenge Grant (also known as My Xxxxxx Xxxxx), and Maine Scholarship Programs. Page 51 Note: Other terms are defined elsewhere in this Program Description “Account” The repository of all Contributions and Units identified by a formal record of transactions with respect to a particular Participant and Designated Beneficiary.

Control of Account. The Participant: • Retains control of how and when Account assets are used. • May change the Designated Beneficiary. • May take Non-Qualified Withdrawals, subject to applicable federal and state income taxes on earnings and potentially a 10% additional federal tax on earnings. Page 19 Pages 19-20 Contributions Initial Contribution -$25 - $25 minimum (no minimum when funding an Account through payroll deduction or automated Contributions and in certain other circumstances). .) Page 17 16 Subsequent Contributions - – No minimum. Maximum Contribution Limit $500,000 per Designated Beneficiary (adjusted periodically). Page 18 Qualified Withdrawals Assets in an Account that are used to pay for Qualified Higher Education Expenses (as defined herein, which term includes a limited amount of expenses for primary or secondary school tuition) of the Designated Beneficiary (or sibling of the Designated Beneficiary with respect to the repayment of qualified education loans.) ). Qualified Higher Education Expenses may differ for federal and state income tax purposes. Page 24 Investment Changes Once you have contributed to an Account in the Program and allocated your Contributions to one or more investment options, you may move any or all of your Account balance to one or more different investment options twice per calendar year, or if you change the Designated Beneficiary on your Account to a Member of the Family of the current Designated Beneficiary. Page 20 25 Investment Options 12 39 investment options, including 10 37 investment options managed by one of American Century, BlackRock, Xxxxxxxx Xxxxxxxxx, Xxxx Xxxxxx, MainStay, MFS or Xxxxxxxxx Xxxxxx, as well as the Principal Plus Portfolio and the NextGen Savings Portfolio: • 2 4 Age-Based Diversified Portfolios • 5 11 Diversified Portfolios • 3 22 Single Fund Portfolios • 1 Principal Plus Portfolio • 1 NextGen Savings Portfolio Pages 2829-29 32 Fees and Charges Total Annual Asset-Based Feesfees, which include Program fees Fees and Underlying Fund expenses, vary based on the Portfolio option selected. ** As a percentage of a Portfolio’s average annual net assets. • Other fees and charges may apply. • Sales charges may apply to purchases and to certain withdrawals. • Underlying Fund expenses are subject to change, affecting Total Annual Asset-Based Fees. Pages 3233-36 52 Investment Risks and Other Considerations • Assets in an Account are not guaranteed, and an Account may lose money. • Federal and state tax laws may change and may adversely affect certain tax advantages of an investment in the Program. • Investment options, Sub-Advisors, sales charges, fees and expenses may change. • Contributions to an Account may affect the eligibility of the Designated Beneficiary or the Participant for federal and state benefits, such as financial aid or Medicaid. Pages 4258-50 Range of Total Annual Asset-Based Fees* Client Direct Series Units 0.00% - 0.51 % 66 Federal Tax Treatment • Account earnings accrue federal income tax-free. • No federal income tax on Qualified Withdrawals. • No federal gift tax on Contributions up to $15,000 per year ($30,000 for spouses electing to split gifts) or $75,000 over 5 years ($150,000 for Pages 53-54 Range of Total Annual Asset-Based Fees* Client Select Series – A Unit Class 0.00% - 1.25% Client Select Series – C Unit Class 0.00% - 2.00% spouses electing to split gifts) - – subject to certain limitations. Amounts above these annual limits are not subject to gift tax unless, together with other gifts, they exceed lifetime limits on gifts excluded from gift tax. • Contributions are generally considered completed gifts for federal gift and estate tax purposes. • Contributions are generally not t included in the Participant’s estate for federal estate tax purposes. Pages 37-41 Portfolio Performance Portfolio performance information as of June 30, 2021 is contained in this Program Description. Updated Portfolio performance information for all Portfolios will be available on the Program’s Web site at xxx.xxxxxxxxxxxx.xxx. Past Portfolio performance is not indicative of future Portfolio performance. • American Century Portfolio Performance • BlackRock Portfolios Performance • iShares Portfolios Performance • Franklin Xxxxxxxxx Portfolios Performance • Xxxx Xxxxxx Portfolio Performance • MainStay Portfolio Performance • MFS Portfolios Performance • Xxxxxxxxx Xxxxxx Portfolio Performance • Principal Plus Portfolio Performance • NextGen Savings Portfolio Performance Pages 6172-75 Page 80 Page 90 76 Pages 92 77-101 Pages 102-117 Pages 118-165 Pages 166-170 Pages 171-175 Pages 176-195 Pages 196-202 Pages 203-204 Pages 205-206 State Tax Treatment • State tax treatment varies from state to state. • If Maine is not a Participant’s home state, the Participant should contact his or her home state’s Section 529 Program to learn more about potential favorable state tax treatment or other state benefits such as financial aid, scholarship funds, and protection from creditors offered by such home state for investing in that home state’s Section 529 Program. Page 40 Special Benefits Available to Maine Residents Maine Matching Grant Program, Xxxxxx Xxxxxx College Challenge Grant (also known as My Xxxxxx Xxxxx), and Maine Scholarship Programs. Page 51 Pages 55-57 Note: Other terms are defined elsewhere in this Program Description “Account” The repository of all Contributions and Units identified by a formal record of transactions with respect to a particular Participant and Designated Beneficiary.

Control of Account. The Participant: • Retains control of how and when Account assets are used. • May change the Designated Beneficiary. • May take Non-Qualified Withdrawals, subject to applicable federal and state income taxes on earnings and potentially a 10% additional federal tax on earnings. Page 19 Range of Total Annual Asset-Based Fees* Client Direct Series Units 0.00% - 0.51 % PROGRAM HIGHLIGHTS Contributions Initial Contribution -$25 (initial) $25 minimum (no minimum when funding an Account through payroll deduction or automated Contributions and in certain other circumstances). Page 17 Subsequent 16 Contributions - (subsequent) No minimum. Page 16 Maximum Contribution Limit $500,000 520,000 per Designated Beneficiary (adjusted periodically). Page 18 Qualified Withdrawals Assets in an Account that are used to pay for Qualified Higher Education Expenses (as defined herein, which term includes a limited amount of expenses for primary or secondary school tuition) of the Designated Beneficiary (or sibling of the Designated Beneficiary with respect to the repayment of qualified education loans.) Qualified Higher Education Expenses may differ for federal and state income tax purposes. Page 24 Investment Changes Once you have contributed to an Account in the Program and allocated your Contributions to one or more investment options, you may move any or all of your Account balance to one or more different investment options twice per calendar year, or if you change the Designated Beneficiary on your Account to a Member of the Family of the current Designated Beneficiary. Page 20 Investment Options 12 15 investment options, including 10 13 managed by BlackRock, as well as the Principal Plus Portfolio and the NextGen Savings Portfolio: • 2 Age-Based Diversified Portfolios • 5 Diversified Portfolios • 3 6 Single Fund Portfolios • 1 Principal Plus Portfolio • 1 NextGen Savings Portfolio Pages 28-29 Page 28 Fees and Charges Total Annual Asset-Based Fees, which include Program fees and Underlying Fund expenses, vary based on the Portfolio option selected. *As a percentage of a Portfolio’s average annual net assets. • Other fees and charges may apply. • Underlying Fund expenses are subject to change, affecting Total Annual Asset-Based Fees. Pages 32-36 Page 32 Investment Risks and Other Considerations • Assets in an Account are not guaranteed, and an Account may lose money. • Federal and state tax laws may change and may adversely affect certain tax advantages of an investment in the Program. • Investment options, Sub-Advisors, fees and expenses may change. • Contributions to an Account may affect the eligibility of the Designated Beneficiary or the Participant for federal and state benefits, such as financial aid or Medicaid. Pages 42-50 Range of Total Annual Asset-Based Fees* Client Direct Series Units 0.00% - 0.51 % Page 43 Federal Tax Treatment • Account earnings accrue federal income tax-free. • No federal income tax on Qualified Withdrawals. • No federal gift tax on Contributions up to $15,000 16,000 per year ($30,000 32,000 for spouses electing to split gifts) or $75,000 80,000 over 5 years ($150,000 160,000 for spouses electing to split gifts) - subject to certain limitations. Amounts above these annual limits are not subject to gift tax unless, together with other gifts, they exceed lifetime limits on gifts excluded from gift tax. • Contributions are generally considered completed gifts for federal gift and estate tax purposes. • Contributions are generally not included in the Participant’s estate for federal estate tax purposes. Pages 37-41 Page 38 Portfolio Performance Portfolio performance information as of June 30, 2021 2022 is contained in this Program Description. Updated Portfolio performance information for all Portfolios will be available on the Program’s Web site at xxx.xxxxxxxxxxxx.xxx. Past Portfolio performance is not indicative of future Portfolio performance. • BlackRock Portfolios Performance • iShares Portfolios Performance • Principal Plus Portfolio Performance • NextGen Savings Portfolio Performance Pages 61-75 64 Page 80 85 Page 90 98 Pages 92 100 State Tax Treatment • State tax treatment varies from state to state. • If Maine is not a Participant’s home state, the Participant should contact his or her home state’s Section 529 Program to learn more about potential favorable state tax treatment or other state benefits such as financial aid, scholarship funds, and protection from creditors offered by such home state for investing in that home state’s Section 529 Program. Page 40 Special Benefits Available • A tax deduction of up to $1,000 per Designated Beneficiary is available to eligible Maine Residents Maine Matching Grant Programtaxpayers for contributions made to any Section 529 Program in taxable years beginning on or after January 1, Xxxxxx Xxxxxx College Challenge Grant (also known as My Xxxxxx Xxxxx), and Maine Scholarship Programs2023. Page 51 41 Note: Other terms are defined elsewhere in this Program Description Description‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌ “Account” The repository of all Contributions and Units identified by a formal record of transactions with respect to a particular Participant and Designated Beneficiary.

Control of Account. The Participant: • Retains control of how and when Account assets are used. • May change the Designated Beneficiary. • May take Non-Qualified Withdrawals, subject to applicable federal and state income taxes on earnings and potentially a 10% additional federal tax on earnings. Page 19 13 Contributions Initial Contribution -$25 - $25 minimum (no minimum when funding an Account through payroll deduction or automated Contributions and in certain other circumstances). .) Page 17 14 Subsequent Contributions - – No minimum. Maximum Contribution Limit $500,000 520,000 per Designated Beneficiary (adjusted periodically). Page 18 16 Qualified Withdrawals Assets in an Account that are used to pay for Qualified Higher Education Expenses (as defined herein, which term includes a limited amount of expenses for primary or secondary school tuition) of the Designated Beneficiary (or sibling of the Designated Beneficiary with respect to the repayment of qualified education loans.) ). Qualified Higher Education Expenses may differ for federal and state income tax purposes. Page 24 22 Investment Changes Once you have contributed to an Account in the Program and allocated your Contributions to one or more investment options, you may move any or all of your Account balance to one or more different investment options twice per calendar year, or if you change the Designated Beneficiary on your Account to a Member of the Family of the current Designated Beneficiary. Page 20 19 Investment Options 12 80 investment options, including 10 78 investment options managed by one of American Century, BlackRock, Xxxxxxxx Xxxxxxxxx, Xxxx Xxxxxx, MainStay, MFS or Xxxxxxxxx Xxxxxx, as well as the Principal Plus Portfolio and the NextGen Savings Portfolio: • 2 Age-Based 4 Suites of Year of Enrollment Portfolios • 11 Diversified Portfolios • 5 Diversified Portfolios • 3 25 Single Fund Portfolios • 1 Principal Plus Portfolio • 1 NextGen Savings Portfolio Pages 28-29 Page 27 Fees and Charges Total Annual Asset-Based Feesfees, which include Program fees Fees and Underlying Fund expenses, vary based on the Portfolio option selected. Page 31 Range of Total Annual Asset-Based Fees* Client Select Series – A Unit Class Client Select Series – C Unit Class Client Select Series – I Unit Class 0.00% - 1.25% 0.00% - 2.00% 0.00% - 1.00% *As a percentage of a Portfolio’s average annual net assets. • Other fees and charges may apply. • Sales charges may apply to purchases and to certain withdrawals. • Underlying Fund expenses are subject to change, affecting Total Annual Asset-Based Fees. Pages 32-36 Investment Risks and Other Considerations • Assets in an Account are not guaranteed, and an Account may lose money. • Federal and state tax laws may change and may adversely affect certain tax advantages of an investment in the Program. • Investment options, Sub-Advisors, sales charges, fees and expenses may change. • Contributions to an Account may affect the eligibility of the Designated Beneficiary or the Participant for federal and state benefits, such as financial aid or Medicaid. Pages 42-50 Range of Total Annual Asset-Based Fees* Client Direct Series Units 0.00% - 0.51 % Page 78 Federal Tax Treatment • Account earnings accrue federal income tax-free. • No federal income tax on Qualified Withdrawals. • No federal gift tax on Contributions up to $15,000 17,000 per year ($30,000 34,000 for spouses electing to split gifts) or $75,000 85,000 over 5 years ($150,000 170,000 for spouses electing to split gifts) - – subject to certain limitations. Amounts above these annual limits are not subject to gift tax unless, together with other gifts, they exceed lifetime limits on gifts excluded from gift tax. • Contributions are generally considered completed gifts for federal gift and estate tax purposes. • Contributions are generally not included in the Participant’s estate for federal estate tax purposes. Pages 37-41 Portfolio Performance Portfolio performance information as of June 30, 2021 is contained in this Program Description. Updated Portfolio performance information for all Portfolios will be available on the Program’s Web site at xxx.xxxxxxxxxxxx.xxx. Past Portfolio performance is not indicative of future Portfolio performance. • BlackRock Portfolios Performance • iShares Portfolios Performance • Principal Plus Portfolio Performance • NextGen Savings Portfolio Performance Pages 61-75 Page 80 Page 90 Pages 92 73 State Tax Treatment • State tax treatment varies from state to state. • If Maine is not a Participant’s home state, the Participant should contact his or her home state’s Section 529 Program to learn more about potential favorable state tax treatment or other state benefits such as financial aid, scholarship funds, and protection from creditors offered by such home state for investing in that home state’s Section 529 Program. Page 40 Special Benefits Available • A tax deduction of up to $1,000 per Designated Beneficiary is available to eligible Maine Residents Maine Matching Grant Programtaxpayers for contributions made to any Section 529 Program in taxable years beginning on or after January 1, Xxxxxx Xxxxxx College Challenge Grant (also known as My Xxxxxx Xxxxx), and Maine Scholarship Programs2023. Page 51 76 Note: Other terms are defined elsewhere in this Program Description “Account” The repository of all Contributions and Units identified by a formal record of transactions with respect to a particular Participant and Designated Beneficiary.Description.‌