ScholarShare Announces 40 Winners in Think Big! Save for College! Summer Reading Promotion

SACRAMENTO, CA--(Marketwire - Oct 1, 2012) - ScholarShare, California's 529 college savings plan, today announced the 40 winners of its Think Big! Save for College! Summer Reading Program promotion. The parents or guardians of each selected winner will receive $529 to invest in a ScholarShare account.

"It's important to continue the summer reading tradition for our children," said State Treasurer Bill Lockyer, who serves as chairman of the ScholarShare Investment Board. "The more we can get kids to enjoy reading, the more successful they will be in school and life."

ScholarShare partnered with California public libraries to conduct the annual Summer Reading Program promotion. Pre-schoolers through 8^th-grade students were eligible to participate. After reading a book, their parents submitted an entry form at their local public library or online. ScholarShare received more than 3,600 entries from across California. Winners were selected at random and ranged in age from three to 14. If the winning entry form was submitted at a local public library, the library also will receive a check for $529.

The list of winners is attached.

About the ScholarShare 529 College Savings Plan:
ScholarShare accounts may be opened with as little as $25. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum contribution cap of $350,000. The program as of June 30, 2012 held more than $4.4 billion in assets. More than 310,000 accounts have been opened since ScholarShare's inception in 1999. To sign up for an account, or for more information about the plan, visit http://www.scholarshare.com/. For information about the SIB, visit www.treasurer.ca.gov/scholarshare. Like ScholarShare on Facebook at www.facebook.com/scholarshare529 and follow us on Twitter at @ScholarShare529.

Named for the section of IRS code under which they were created, 529 plans are highly regarded for their tax-advantaged status. Earnings on investments can grow tax-deferred. Withdrawals, when used for tuition and other qualified higher education expenses, are federal and state income tax-free.

Consider the investment objectives, risks, charges and expenses before investing in the ScholarShare 529 College Savings Plan. Please visit www.scholarshare.com for a Program Disclosure Booklet containing this and other information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

The tax information contained in this press release is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non‐qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.

Investments in the Program are neither insured nor guaranteed and there is the risk of investment loss.

The ScholarShare 529 College Savings Plan Twitter and Facebook pages are managed by the state of California.

TIAA‐CREF Tuition Financing, Inc., Program Manager.

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