Vanguard Extends Online Service

Vanguard will begin phasing in the new services next month, and customers will then be able to:

• view their complete portfolios, including Vanguard and non-Vanguard fund, brokerage, and other financial accounts by means of the Consolidated View(TM) service,
• analyze and manage investments, sorting by allocation, sector and style,
• obtain personalized performance reporting and detailed transaction history,
• request live online assistance.

In addition, Vanguard has partnered with CashEdge, an online account aggregation and funds transfer service, to offer a high level of privacy and security controls.

Shareholders can choose from three levels of control over the manner in which account data is gathered:

• using level one, clients enter a PIN number for each online account each time they use the service.
• on the second level, shareholders give a single permission to Vanguard to have all their online accounts instantly updated
• the third level allows Vanguard to automatically obtain regular updated account information on behalf of these shareholders.

Vanguard and CashEdge pledge that the information collected by the Consolidated View service will remain confidential.