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Thursday April 17th 2014

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Ascensus Enters into Agreement to Acquire 529 Plan

collegeAscensus, the nation’s largest independent retirement plan services provider, and Sallie Mae (NASDAQ: SLM), today announced they have entered into a definitive agreement for Ascensus to acquire Sallie Mae’s 529 college savings plan administrator, Upromise Investments, pending regulatory approval. ”This acquisition expands our recordkeeping footprint into the college savings arena. The addition of Upromise Investments, Inc., the leading program manager and recordkeeper of 529 college savings plans with over 2.8 million accounts and $49 billion in assets under administration, helps diversify our business into a new market with similar characteristics to our core recordkeeping strengths,” said Bob Guillocheau, president and CEO, Ascensus in a report in the Wall Street Journal.