Legg Mason, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations Tax-related statements, if any, may have been written in connection with the "promotion or marketing" of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.Scholars Choice is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks. Administered and issued by CollegeInvest, State of Colorado. Legg Mason Global Asset Allocation, LLC is the Investment Manager and Legg Mason Investor Services, LLC is the primary distributor of interests in the Program; together they serve as Manager of the Program. Legg Mason Global Asset Allocation, LLC, Batterymarch Financial Management, Inc., Brandywine Global Investment Management, LLC, ClearBridge Advisors, LLC, Royce & Associates, LLC, Western Asset Management Company, and Legg Mason Investor Services, LLC are Legg Mason, Inc. affiliates. Thornburg Investment Management, Inc. is not affiliated with Legg Mason, Inc. 1 Source: Financial Research Corporation, "2Q12 College Savings Quarterly Update." 2 Source: Financial Research Corporation, "529 College Savings Quarterly Fee Analysis, Second Quarter 2012." ©2012 Legg Mason Investor Services, LLC. Member FINRA, SIPC.Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc.SCHX013129 407444 8/12 FN1212867 SOURCE Legg Mason, Inc.