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<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">June 2, 2022<o:p></o:p></span></p>
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<span style="font-family:"Arial",sans-serif">Department Benefits Representatives (DBRs)<o:p></o:p></span></p>
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<span style="font-family:"Arial",sans-serif">HR Benefits Office on behalf of UC Office of the President<o:p></o:p></span></p>
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<span style="font-family:"Arial",sans-serif">Re:<o:p></o:p></span></p>
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<span style="font-family:"Arial",sans-serif">Fidelity Retirement Savings Program - Ending fossil fuel reserves fund option<o:p></o:p></span></p>
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<b><span style="font-size:10.0pt;font-family:"Arial",sans-serif"> </span></b><span style="font-size:10.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Effective June 30, 2022, companies that own fossil fuel reserves will be removed from the fund options in the UC Retirement Savings
Program - 403(b), 457(b) and DC plans. Fossil fuel companies are defined as publicly traded companies owning any amount of fossil fuel reserves in thermal coal (not metallurgical coal), oil and gas.
<o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">The University of California is making this change because the Chief Investment Officer to the Regents has determined that the long-term
prospects of companies that own fossil fuel reserves no longer meet the financial criteria for inclusion in the fund offerings for the Retirement Savings Program. This decision is consistent with the approach already implemented in the UC Pension, Endowment
and Working Capital pools.<o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">All participants in the UC Retirement Savings Program who have a balance under this category will be notified this week of the upcoming
change. For more information please refer to the <a href="https://www.myucretirement.com/Resource/2312">
announcement</a> on myUCretirement.com or you may contact Fidelity Investments at 800.558.9182. You may view more information about the Fossil Fuel Company Investment Change by accessing the Frequently Asked Questions available on
<a href="https://www.myucretirement.com/Managed/Assets/File/1652463463/Frequently%20Asked%20Questions_Final.pdf">
myUCretirement.com</a>.<o:p></o:p></span></p>
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