Company Press Release

Jerry Golden To Join The Vanguard Group

VALLEY FORGE, Pa.-- Vanguard announced today that Jerry Golden will join the investment management firm later this month to lead its government relations office in Washington, DC. He will report to Ann L. Combs, who heads Government Relations for Vanguard. Mr. Golden will be responsible for representing Vanguard on a broad range of regulatory and legislative issues, including tax, retirement, and financial services matters.

Mr. Golden most recently served as Associate Vice President for Government Relations at Nationwide Mutual Insurance Company, where he headed Nationwide Financial’s government relations efforts. His previous experience includes the American Council of Life Insurers and the United States Chamber of Commerce.

“Jerry Golden’s experience and expertise on Capitol Hill will serve our clients well as we continue our efforts to protect their interests in Washington,” said Ms. Combs. “Washington is focused on issues that directly affect our clients’ ability to meet their financial goals, including deficit reduction, tax policy, retirement savings, financial markets, and investment products. Jerry will be an extremely effective advocate for our investors, plan sponsors, and financial advisors as we engage with policymakers on these important issues.”

Mr. Golden received a B.A. degree from the University of Richmond in 1999 and a M.A. degree from George Mason University in 2006.

Jamey Delaplane, who currently heads Vanguard’s Washington office, will be relocating to the company’s Malvern headquarters to lead the ERISA and Fiduciary Services practice group in Vanguard’s Legal Department, reporting to General Counsel and Managing Director Heidi Stam.

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 more than $2.15 trillion in U.S. mutual fund assets, and offers more than 160 funds to U.S. investors and 85 additional funds in non-U.S. markets.

All Vanguard asset figures are as of March 31, 2013, unless otherwise noted.

For more information about Vanguard funds, visit www.vanguard.com or call 877-662-7447 to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

Vanguard Marketing Corporation, Distributor.