Administrative Update – SMART529 WV Direct Plan Changes

Hartford Life Insurance Company (“The Hartford”) and The Board of Trustees of the West Virginia College Prepaid Tuition and Savings Program (the “Board”) announce the Board’s approval of proposals to make changes to the Age-Based Portfolio’s for the SMART529 WV Direct college savings plan. The Age-Based Portfolios will be realigned to include an additional age band, which will take the number of bands within the Portfolio from four to five.

The Board believes that adjusting the Age-Based bands is in the best interest of Account Owners. The Board considered these initiatives at meetings held on February 18, 2010, and June 2, 2010, during which it reviewed analysis of the Age-Based model and comparative performance. In considering the proposed changes, the Board was advised by its independent legal counsel and investment consultant. At the meetings, the Board reviewed and unanimously approved the proposed changes, which are scheduled to be implemented on or about Monday July 26, 2010. These changes are outlined below:

• If your beneficiary is invested in SMART529 WV Direct Age-Based Portfolio 0-8 at the time the realignment is implemented, you will not be impacted.
• If your beneficiary is invested in SMART529 WV Direct Age-Based Portfolio 9-13, the fixed income to equity allocations will be slightly altered.
• Beneficiaries between the ages of 14-15 at the time the realignment is implemented will be removed from their current age band (SMART529 WV Direct Age-Based Portfolio 14-18) and will be invested in the new SMART529 WV Direct Age-Based Portfolio 14-15.
• Beneficiaries between the ages of 16-17 at the time the changes are implemented will be removed from their current age band (SMART529 WV Direct Age-Based Portfolio 14-18) and will be invested in the new SMART529 WV Direct Age-Based Portfolio 16-17.
• Beneficiaries that are between the ages of 18 and 19 at the time the changes are implemented will be removed from their current age band (SMART529 WV Direct Age-Based Portfolio 14-18) and will be invested in the new SMART529 WV Direct Age-Based Portfolio 18+.
• Beneficiaries that are aged 19 or older at the time the realignment is implemented will automatically become invested in the new SMART529 WV Direct 18+ Portfolio.
• The Program Manager or its affiliates will bear the customary expenses associated with these changes.
• These actions are expected to be tax-free; it is anticipated that Account Owners will not pay any federal income tax as a result of the fund changes.