Company Press Release

Vanguard Names Loughridge and Malpass to Board of Directors

VALLEY FORGE, Pa., Mar 22, 2012 -- Vanguard today announced the election of Mark Loughridge and Scott C. Malpass to the board of directors of The Vanguard Group and to the board of trustees of each of Vanguard's mutual funds.

Mr. Loughridge is Senior Vice President and Chief Financial Officer at IBM. He was previously Senior Vice President and General Manager, Global Financing, where he led the world's largest information technology financing and asset management organization. Mr. Malpass is vice president and chief investment officer at the University of Notre Dame, responsible for investment of the University's endowment, working capital, pension and life income assets of $7.2 billion (as of December 31, 2011).

"We are very pleased to welcome two distinguished individuals to the Vanguard board. Mark and Scott bring a wealth of knowledge, acumen, and experience from the corporate and academic worlds, which will greatly benefit Vanguard and our fund shareholders," said Vanguard Chairman Bill McNabb.

Since joining IBM in 1977 as a development engineer, Mr. Loughridge has held various management positions in finance, strategic planning and engineering, including manager of Financial Services for IBM's lab in Hursley, England. Mr. Loughridge earned a Bachelor of Science in mechanical engineering from Stanford University and a Master of Business Administration with a concentration in finance and operations from the University of Chicago. He also completed studies at Ecole Nationale Supérieure de Mécanique in Nantes, France.

Mr. Malpass is a 1984 Notre Dame graduate and received a master of business administration degree from the University in 1986. He returned in 1988 from Irving Trust Company, and became chief investment officer the following year when the University’s endowment stood at $425 million. Mr. Malpass is a concurrent assistant professor of finance in the Mendoza College of Business at Notre Dame. He serves on the investment advisory committee for Major League Baseball and for the Financial Industry Regulatory Authority (FINRA).

In addition to Mr. McNabb, Vanguard’s board includes Emerson U. Fullwood, Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, André F. Perold, Alfred M. Rankin, Jr., and Peter F. Volanakis.

About Vanguard

Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world’s largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages nearly $1.8 trillion in U.S. mutual fund assets. The firm offers more than 170 funds to U.S. investors and more than 70 additional funds in non-U.S. markets.

Asset figures as of February 29, 2012, unless otherwise noted.