Commission and Fee Schedules

Vanguard Brokerage Services Commission and Fee Schedules As of April 12, 2006 Standard charges apply to clients with up to $250,000 in total Vanguard assets. Discounts and other benefits are available to clients who qualify and are enrolled in Vanguard Voyager Service (for clients with total Vanguard assets of $250,000 up to $1 million) or Vanguard Flagship Service (for clients with total Vanguard assets of $1 million or more, of which $500,000 must be in Vanguard funds). Other discounts and fee waivers may be available. A separate commission is charged for each security bought or sold. This commission and fee schedule is subject to change. For further information about our commission and fee schedule as well as about membership in Voyager and Flagship Service call Vanguard Brokerage Services at 800-992-8327 any business day from 8 a.m. to 8 p.m., Eastern time. Note: We can t accept written instructions for trades.

Commission Schedule for Bonds and CDs Vanguard Brokerage Services may act as an agent, executing your order at cost plus a commission, or Vanguard Brokerage may act as a principal and add markups to purchase prices or subtract markdowns from sales prices. When we act as a principal for a primary market issue, Vanguard Brokerage receives a fee concession from the issuer. If a concession is not available, Vanguard Brokerage reserves the right to charge a commission. Security Type New Issues Existing Issues U.S. Treasury Associate assistance. Standard rate for auction Associate assistance. $1 per $1,000 face amount; orders: $25; Voyager: $15; Flagship: $0. $50 min., $125 max. ($40 for Flagship clients). Online. Standard rate for auction orders: $10; Online. $0.75 per $1,000 face amount; Voyager: $0; Flagship: $0. $40 min., $75 max. ($40 for Flagship clients). U.S. government agency No commission.* See table below. Mortgage-backed securities $50 per transaction; GNMA minimum purchase, $50 per transaction; GNMA minimum purchase, $25,000. $25,000. Corporate bonds No commission.* Unlisted (over-the-counter). See table below. Listed. $25 + $2 per bond. Municipal bonds $50 commission if a fee concession is not See table below. available; minimum purchase varies. Certificates of deposit No commission.* Purchase. See table below. Sale. $35 per transaction. Commercial paper $50 per transaction; minimum purchase, $100,000. NA Unit investment trusts NA Sale only. $35 per transaction. Commission per $1,000 face amount for existing issues, where applicable. $1,000 $49,000 $50 minimum ($5 per $1,000) $50,000 or more $500 maximum ($3 per $1,000) *Minimum purchase $10,000, subject to dealer minimum. Note: Bond and CD prices are available at www.vanguard.com and are price indications only. Online prices for all secondary market bonds and CDs are before commissions.

Commission and Fee Schedule for FundAccess Mutual Funds No-Load Fund Transaction Fees 1 No-transaction-fee Transaction fee None. (NTF) funds Minimum initial investment For most funds, $3,000 for nonretirement accounts and $1,000 for IRAs. Minimum additional investment Redemption fee Dollar-cost-averaging transactions $1,000 for any account type. $50 minimum, or 1% of proceeds up to $250, for shares held less than six months. The six-month holding period begins on the settlement day of the transaction, which is ususally the next business day or three business days after the trade date. (The redemption fee is waived for shares transferred from another brokerage firm or financial institution.) No fee; minimum purchase, $100; minimum, two transactions. Transaction-fee Transaction fee Purchase: $35 per trade regardless of order size. 3 (TF) funds 2 Sale: $35 per trade regardless of order size. 4 Exchange: $35 per trade regardless of order size. 5 Minimum initial and additional investments Dollar-cost-averaging transactions Typically based on amount listed in the fund s prospectus. $3 per transaction; minimum purchase, $100; minimum, two transactions. 1 Individual fund families may impose additional fees or charges for a specific fund or funds. Read the prospectus carefully before investing. 2 Transaction-fee fund trades can be included in the 12 commission-free trades per calendar year available to Flagship clients. No commissions will apply to the first 12 online trades in each calendar year to any combination of stocks (other than stocks priced at less than $1 a share), options, or transactionfee mutual funds. The number of trades is limited to 12 per client, as identified by the primary Social Security number on the account. Vanguard Brokerage reserves the right to terminate the 12 commission-free trades at any time for clients whose account activity can be deemed improper. 3 If you buy $10,000 of a fund, your net total cost will be $10,035. 4 If you sell $10,000 of a fund, your net total proceeds will be $9,965. 5 If you exchange all shares of a fund for another fund in the same fund family and share class, the $35 transaction fee will be paid from your money market settlement account. Load Fund Charges and Fees Class A shares Class B shares Class C shares Front-end load (purchase fee): Varies by fund or fund family and may be as high as 5.75%. Review the fund s prospectus carefully before investing. Discounts (breakpoints) may be available if you make a large purchase, already hold other mutual funds offered by the same fund family (individually or combined with a spouse or other qualifying person), or commit to regularly purchasing the fund s shares. Back-end load or contingent deferred sales charge (redemption fee): Decreases to zero over a period of years. Back-end load or contingent deferred sales charge (redemption fee): Smaller than a Class B redemption fee, it decreases to zero after one year. All share classes Sales charges The schedule for a specific load fund may vary, perhaps significantly, from the general description shown here. Check a fund s prospectus for the details. Fees Dollar-cost-averaging transactions Vanguard Brokerage charges no additional fee for a purchase, sale, or exchange of any load fund offered through FundAccess. Vanguard Brokerage does not charge a fee, but sales charges imposed by the fund still apply. Minimum transaction, $100; minimum, two transactions.

Commission Schedule for Stocks and Options Client Group Standard 1, 2 Voyager 2 Flagship Stocks Online: www.vanguard.com $25 or $0.025 per share, $22.50 or $0.0225 per First12 trades: no commission. 3 whichever is greater share, whichever is greater Subsequent trades: $8 each. AutoBroker : 800-992-8327 $40 or $0.05 per share, $36 or $0.045 per share, $30 or $0.0375 per share, whichever is greater whichever is greater whichever is greater Associate assistance: 800-992-8327 $45 + $0.05 per share $40.50 + $0.045 per share $33.75 + $0.0375 per share Stock priced less than $1 a share: Online: www.vanguard.com $20 + 2% of principal $20 + 2% of principal $20 + 2% of principal Associate assistance and AutoBroker: 800-992-8327 $30 + 3% of principal $30 + 3% of principal $30 + 3% of principal Options Online: www.vanguard.com $30 + $1.50 per contract $30 + $1.50 per contract $30 + $1.50 per contract 3 Associate assistance: 800-992-8327 $30 + $2.50 per contract $30 + $2.50 per contract $30 + $2.50 per contract A separate commission applies for opening, closing, or exercising a position. Note: Option exercise and assignment require associate assistance. Associate-assisted commission rates for stocks apply. 1 A 10% discount from standard rates for 36 71 stock trades (except for stocks priced at less than $1 per share). Discounts apply to online, AutoBroker, or associate-assisted trades. The first 35 qualifying trades can be made through any combination of online, AutoBroker, or associate-assisted trades during a rolling 12-month period. Qualifying trades include stocks, options, bonds, CDs, and FundAccess funds. 2 A 25% discount from standard rates for 72 or more stock trades (except for stocks priced at less than $1 per share). Discounts apply to online, AutoBroker, or associate-assisted trades. The first 71 qualifying trades can be made through any combination of online, AutoBroker, or associate-assisted trades during a rolling 12-month period. Qualifying trades include stocks, options, bonds, CDs, and FundAccess funds. 3 No commissions will apply to the first 12 online trades in each calendar year to any combination of stocks (other than stocks priced at less than $1 a share), options, or transaction-fee mutual funds. The number of trades is limited to 12 per client, as identified by the primary Social Security number on the account. Vanguard Brokerage reserves the right to terminate the 12 commission-free trades at any time for clients whose account activity can be deemed improper. Brokerage Account Maintenance Fee and Other Fees Annual maintenance fee Foreign securities Limited partnerships (LPs) Wire transfers VIPER Shares VanguardAdvantage Miscellaneous fees Standard: $30, charged annually.voyager and Flagship: no charge. $75 for each execution (not applicable to American Depositary Receipts) plus commission. For private LPs, a $35 annual maintenance fee and, if reregistered, a $50 Vanguard Brokerage fee plus any third-party fees that we incur. For private and public LPs that are held in a brokerage IRA and earn unrelated business taxable income ($1,000 or more), a $200 tax-filing fee. Note: Private LPs are illiquid. Vanguard Brokerage can hold, but not trade, private LPs in IRA accounts. $20 from your brokerage account. $5 from your settlement account (if less than $5,000). Note: Your bank may charge for receiving wires from your brokerage or settlement account. $50 per conversion of conventional Vanguard index fund shares to VIPER Shares. Flagship: no charge. (Fees may vary at other brokerage firms.) Voyager fee: $30. Flagship: no charge. Also: insufficient funds ($20), stop payment ($15), checkbook reorder (Voyager: $9.95; Flagship: no charge), VanguardAdvantage Billpay service (Voyager: $4.95 per month; Flagship: no charge). Possibly, fees at automated teller machines not affiliated with PNC Bank. Other securities transaction fees may apply. Call us for additional information.

Vanguard Brokerage Services A Division of Vanguard Marketing Corporation, member of NASD and SIPC P.O. Box 1170 Valley Forge, PA 19482-1170 Since 1983, Vanguard Brokerage Services has provided superior service and exceptional value to investors. Our clients enjoy online, automated phone, and associate-assisted access to stocks, exchange-traded funds, bonds, CDs, and options, plus thousands of funds from other mutual fund families. Standard services include cost basis accounting, comprehensive statements, free dividend reinvestment, and many other services designed to maximize investment convenience at a reasonable cost. World Wide Web www.vanguard.com Vanguard Brokerage Services 800-992-8327 For more information, visit www.vanguard.com, or call 800-662-7447 for Vanguard funds and 800-992-8327 for non-vanguard funds offered through Vanguard Brokerage Services, to obtain a prospectus. Visit our website, call 866-499-VIPER, or contact your broker to obtain a product description and prospectus for Vanguard VIPER Shares. Investment objectives, risks, charges, expenses, and other important information are contained in these documents; read and consider them carefully before investing. 2006 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. CMSCH 042006

The VanguardAdvantage Account A flexible and convenient cash management service Vanguard Brokerage Services A Division of Vanguard Marketing Corporation

A cash management service with The Vanguard Difference If you re looking for a brokerage account that also offers cash management services, consider the VanguardAdvantage Account. Offered through Vanguard Brokerage Services, this exceptional account offers checkwriting with no minimum dollar amount, a Visa Gold debit card, online bill payment, and overdraft protection through a margin account. You can even simplify your finances by transferring assets you hold elsewhere to your VanguardAdvantage Account. And you can review your account information on one simple statement or online if you prefer. Better yet, accountholders experience The Vanguard Difference. You ll see it in everything we do at Vanguard. We focus only on your needs and on continuing our long record of serving all clients with integrity. We re committed to keeping costs as low as possible, providing a high level of service, and offering a wide range of sound financial products aimed at helping you meet your needs. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

The VanguardAdvantage Account puts you in control Our cash management service offers no-minimum checkwriting and easy-to-use features that allow you to better manage your finances. Take advantage of our commitment to provide competitive money market fund returns on cash balances. Access your account anywhere with a Visa Gold debit card. Pay your bills online with the VanguardAdvantage Billpay service. Enjoy low-interest-rate overdraft protection (through an approved margin account that contains eligible securities). Expand your investment possibilities at Vanguard. Hold individual stocks, ETFs, bonds, CDs, options, and even non-vanguard mutual funds through our FundAccess program. Have regular payments deposited directly into your account automatically. Manage your account online 24 hours a day, seven days a week at www.vanguard.com.

Take Advantage of these powerful cash management tools The VanguardAdvantage Account is a convenient, flexible product that enhances your ability to monitor and manage your assets. By opening a VanguardAdvantage Account, you ll benefit from the following attractive features: Higher interest. You get your choice of Vanguard s low-cost money market funds, which have consistently delivered strong performance. Over the past ten years, 100% of our money market funds have outperformed the average returns of competitive funds.* Unlimited checkwriting. Write as many checks as you need and for any amount. You can write checks for more than your account balance if you sign up for overdraft protection. Online Billpay service. You can pay bills online using our secure Billpay service. Pay each bill separately or enter several payments at once. You can even schedule payments months in advance for added peace of mind. Overdraft protection. Apply for overdraft protection through a margin loan, secured by eligible stocks, bonds, and mutual fund shares. *For the ten-year period ended March 31, 2005, Vanguard s money market funds with at least a ten-year history (10 of 10 funds) have outperformed their Lipper-group averages; results will vary for other time periods. (Source: Lipper Inc.) Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at www.vanguard.com.

flexibility Direct deposit. You can arrange for direct deposit service into this account for recurring payments, such as salary, Social Security, or pension checks. Call 800-992-8327 and ask us to mail a direct deposit application to you. Broad investment choices. You can expand your investment opportunities beyond Vanguard funds. Use this account to invest in individual stocks and bonds, options, ETFs, CDs and any of 2,600 mutual funds (including more than 900 no-load funds without transaction fees) from some 300 companies through our FundAccess program. Visa Gold debit card. You can use your VanguardAdvantage Account debit card at any ATM wordwide that displays the Visa or Plus System logo. Vanguard never charges a fee for an ATM transaction, and all transactions from a PNCaffiliated bank are free. (There may be a surcharge at other banks ATMs.) Cost basis accounting. Track the capital gains and losses of your stocks and bonds online so that you can identify possible tax benefits or liabilities. Manage your accounts online. Register at Vanguard.com to manage all of your investments online: Vanguard funds, stocks, bonds, and even other companies mutual funds. Gain control of your finances today. To open a VanguardAdvantage Account, complete the application and return it in the postage-paid envelope enclosed in this kit. If you need help completing the form, call Vanguard Brokerage Services at 800-992-8327 on business days from 8 a.m. to 8 p.m., Eastern time. Additional information about all of our financial products and services is also available on our website at www.vanguard.com. 800-992-8327

Vanguard Brokerage Services A Division of Vanguard Marketing Corporation Post Office Box 1170 Valley Forge, PA 19482-1170 World Wide Web www.vanguard.com Vanguard Brokerage Services 800-992-8327 FundAccess, The Vanguard Group, Vanguard, Vanguard.com, VanguardAdvantage, VanguardAdvantage Billpay, The Vanguard Difference, Vanguard Brokerage Services, and the ship logo are trademarks of The Vanguard Group, Inc. Visa and Plus are trademarks of Visa International Service Association. All other marks are the exclusive property of their respective owners. For more information, visit www.vanguard.com, or call 800-662-7447 for Vanguard funds and 800-992-8327 for non-vanguard funds offered through Vanguard Brokerage Services, to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing. 2005 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. VADAB 052005

Vanguard Brokerage Services (VBS ) A Division of Vanguard Marketing Corporation Upgrade Your Vanguard Brokerage Account to a VanguardAdvantage Account VAACF Important: This account is offered only to clients with a valid U.S. street address a post office box is not acceptable. Use this form to upgrade an existing nonretirement account at Vanguard Brokerage Services to a VanguardAdvantage Account. Please print, preferably in capital letters and black ink. If you would like to have a paycheck or other recurring payment deposited automatically in your account, call us to have the direct deposit application mailed to you. An annual account maintenance fee, in addition to any VanguardAdvantage Account fee, may apply. Please see the current Vanguard Brokerage Services Commission and Fee Schedules for details Most forms, as well as booklets that provide details on our services, can be downloaded from our website at Vanguard.com, or you can call us at 800-992-8327 for assistance. Return this form in the enclosed postage-paid envelope or mail it to Vanguard Brokerage Services, P.O. Box 1170, Valley Forge, PA 19482-1170. For overnight or special delivery, mail to Vanguard Brokerage Services, 100 Vanguard Boulevard, Malvern, PA 19355-0741. 1. Your Existing Nonretirement Account at Vanguard Brokerage Services (Provide all applicable information.) Vanguard Brokerage Nonretirement Account Number Name of Account Owner, Minor, Trustee, or Organization (first, middle initial, last) OR Social Security Number Employer Identification Number Name of Joint Account Owner, Custodian, Agent, or Co-Trustee (first, middle initial, last) Social Security Number OR 2. Your Investment Profile (Complete all sections.) Employer Identification Number 1. Liquid net worth (cash, securities, etc.): $,, 2. Total net worth (excluding residence): $,, 3. Approximate annual income: $,, (Note to trustee: Indicate annual income of trust and applicable nontrust income.) 4. Indicate the number of dependents excluding account owners: 1

3. Cash Management Options VAACF-page 2 of 3 Choose only those features you want. A. VanguardAdvantage Visa Gold Debit Card I would like to receive a VanguardAdvantage Visa Gold debit card. Use of the card is subject to the conditions listed in the VanguardAdvantage Account Services Agreement. B. VanguardAdvantage Billpay I would like to sign up for VanguardAdvantage Billpay, an electronic bill payment service available through our secure website. Use of the Billpay service and fees associated with it is subject to the terms and conditions of the VanguardAdvantage Account Services Agreement. C. Overdraft Protection Through a Margin Account Important: If you have already been approved for margin in the Vanguard Brokerage account you are upgrading, you will automatically receive overdraft protection. Do not complete this section. Overdraft protection for transactions using your VanguardAdvantage checks, Visa Gold debit card, and Billpay is provided through a margin loan secured by eligible securities in your VanguardAdvantage Account. If the market value of the securities in your margin account declines, or the check, debit card, or Billpay transactions in your account result in an overdraft situation, you may be required to deposit more money or securities. If you do not do so, Vanguard Brokerage may be required to sell all or a portion of your assets. I want to apply for overdraft protection and margin privileges. I have knowledge of and understand the risks associated with margin, and I recognize that this option is subject to the terms and conditions of the Margin Account Agreement. I do not want to apply for overdraft protection and margin privileges. D. Cost Basis Accounting Through Vanguard.com You will be automatically enrolled in our Cost Basis Accounting Service when your VanguardAdvantage Account is opened. To view the cost basis of your individual securities, you must be a registered user of Vanguard.com. Choose the method of cost basis accounting you would like to have for your individual securities. (Check one.) First-in, first-out. When you sell stocks or bonds, the securities that you have held the longest will be sold first. Highest-cost. When you sell stocks or bonds, the securities with the highest cost will be sold first. Note: If you do not select a method of accounting, your account will automatically default to the first-in, first-out method for individual securities. The average-cost method automatically applies to all mutual fund investments. This service is made available in association with Pershing LLC, a member of the BNY Securities Group and a subsidiary of The Bank of New York Company, Inc. It is provided for general informational purposes only. You are responsible for maintaining accurate account records for your tax returns. Neither Vanguard nor Pershing will give your information to the IRS, prepare your tax return, or advise you on which accounting method is best for your particular tax situation. For such information, we recommend you consult a qualified tax professional. For Vanguard Brokerage Use Margin Approved By Margin Denied By Date 2

4. Signature of All Account Owners YOU MUST SIGN BELOW VAACF-page 3 of 3 VanguardAdvantage Account Services Agreement I consent and agree to be bound by all terms and conditions of the VanguardAdvantage Account Services Agreement in the Disclosures Booklet, and I acknowledge receipt of a copy of such agreement. I acknowledge that Vanguard reserves the right to revoke checkwriting and debit card privileges at any time without prior notice. Note: I have read and accept the most recent Vanguard Brokerage Services Commission and Fee Schedules, which I agree may be amended by Vanguard Brokerage from time to time. VanguardAdvantage Checkwriting Privileges I acknowledge that the VanguardAdvantage Account allows me to write checks (subject to the conditions listed in the VanguardAdvantage Account Services Agreement) to redeem any amount of my available balance. I further acknowledge that my name and address will appear on my checks exactly as they appear on my VanguardAdvantage Account registration, and that my check range will begin with number 101. Important: Any existing checks for my money market settlement account should be destroyed when I receive my VanguardAdvantage checkbook. DO NOT DETACH VanguardAdvantage Checkwriting Signature Form Please sign here. Important: All those listed as owners, custodians, trustees, or organization representatives except minors must sign below exactly as the account is registered. Attach an additional sheet if necessary. All registered account owners must sign this application exactly as the checks will be signed. Note: Only one signature is required on the checks, even if your VanguardAdvantage Account is set up to require more than one signature. See Section 5 of the VanguardAdvantage Account Services Agreement for details. Margin Agreement Important: This applies to account owners who have applied for overdraft protection through margin on their accounts. I acknowledge receiving a copy of the Margin Account Agreement ( Agreement ) in the Disclosures Booklet. This Agreement contains a predispute arbitration clause highlighted in paragraphs 22 and 23 on pages 30 and 31 of the Disclosures Booklet. By signing this application, I agree to be bound by the terms of the Agreement. S I G N A T U R E (owner, custodian, trustee, or organization representative) Date (month, day, year) S I G N A T U R E (joint owner, agent, co-trustee, or organization representative) Date (month, day, year) For Vanguard Brokerage Use Brokerage Account Number Checking Account Number VAACF 052005 3

Vanguard, The Vanguard Group, VBS, VanguardAdvantage, VanguardAdvantage Billpay, Vanguard.com, Vanguard Brokerage Services, and the ship logo are trademarks of The Vanguard Group, Inc. Visa is a trademark of Visa International Service Association. All other marks are the exclusive property of their respective owners. 2005 The Vanguard Group, Inc. All rights reserved. VAACF 052005

A caution about deposits to your money market fund settlement account Recently purchased shares of your linked money market fund may not be immediately available to pay for transactions in your Vanguard Brokerage Services account. Effective May 1, 2005, Vanguard Brokerage Services may restrict your ability to trade in your brokerage account until the linked money market fund collects payment for recent purchases into that fund. It may take up to ten calendar days for funds from money market shares purchased by check or electronic bank transfer to become available for securities transactions. Wiring funds to purchase shares of the linked money market fund may reduce the ten-calendar-day period for availability. A Vanguard Brokerage associate will be happy to answer any questions you may have. Call Vanguard Brokerage Services at 800-992-8327 on business days from 8 a.m. to 8 p.m., Eastern time. Vanguard Brokerage Services is a division of Vanguard Marketing Corporation, member of NASD and SIPC. 2005 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. UNCLFD 062005

VanguardAdvantage Account Disclosures Booklet VanguardAdvantage Account Services Agreement Margin Account Agreement Cost Basis Accounting Service 1 25 32 Keep this copy for your records.

VanguardAdvantage Account Services Agreement Checkwriting, Debit Card, ACH, and Related Services This agreement (the Agreement ) sets forth the definitive terms and conditions of the VanguardAdvantage Account Checkwriting, Visa Gold Debit Card, Billpay, ACH, and related services (the Services ) that are available through your VanguardAdvantage Account. This Agreement is made by and among Vanguard Brokerage Services (Vanguard Brokerage); PNC Bank, Delaware; and you. By your enrollment in and use of your VanguardAdvantage Account, you agree to be bound by the terms of this Agreement that are applicable to the Services that you use. 1. Definitions. Unless the context otherwise requires, the capitalized terms used in this Agreement have the meanings specified below: Account means your VanguardAdvantage Account, which consists of (a) your Brokerage Account, (b) your linked money market settlement account, and (c) any securities or other property or obligation from time to time included in your VanguardAdvantage Account by Vanguard Brokerage. ACH means Automated Clearing House. ACH Transaction means any transfer of funds processed through the ACH system. ATM means automated teller machine. ATM Withdrawal means a Card Transaction in which you receive money from an ATM. Authorization means a Card Transaction in which you authorize others to place a hold on your Available Balance to ensure future payment. Available Balance means the available cash and sweep fund balances in your Account, as well as any available secured credit if you have a margin account,* but excluding those balances that are subject to Vanguard Brokerage s ten-business-day hold or that have otherwise been placed on hold to ensure payment of previously authorized Transactions. Bank means PNC Bank, Delaware, a Delaware bank, or, as the context requires, PFPC Trust Company, a subsidiary of The PNC Financial Services Group, Inc., which is responsible for administration of the banking services provided hereunder. *If the market value of the securities in your margin account declines, or the Transactions in your account result in an overdraft situation, you may be required to deposit more money or securities. If you are unable to do so, Vanguard Brokerage may be required to sell all or a portion of your pledged assets. You will also be subject to margin interest as disclosed in your margin agreement. Margin trading involves greater risk than paying cash up front for your investment, is not suitable for all investors, and is subject to approval by Vanguard Brokerage. 1

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT Banking Day has different meanings for ATM Withdrawals and for Cash Advances, Purchases, and Authorizations. A Banking Day may, as applicable, exclude bank or brokerage holidays. (1) For ATM Withdrawals, we consider there to be seven Banking Days each week for purposes of imposing security limits on the number and amount of withdrawals you can perform at an ATM. For these purposes, Banking Days begin at 12 a.m., Eastern time. (2) For Cash Advances, Purchases, and Authorizations: (a) We consider there to be five Banking Days each week for purposes of imposing security limits on the amount of Cash Advances, Purchases, and Authorizations you can perform. For these purposes, Banking Days begin at 6 a.m., Eastern time. (b) We consider there to be six Banking Days each week for purposes of imposing security limits on the number of Cash Advances, Purchases, and Authorizations you can perform. For these purposes, Banking Days begin at 6 p.m., Eastern time. The period from Friday at 6 p.m. to Sunday at 6 p.m., Eastern time, is counted as one Banking Day. Billpay Service means the electronic bill payment service offered by Vanguard Brokerage, which is accessed exclusively by means of Vanguard Brokerage s secure website. Billpay Transaction means any transaction in which you use the Billpay Service to effect payment to a payee. Brokerage Account means the cash and/or margin account opened in your name with Vanguard Brokerage. Business Day means Monday through Friday, excluding federal holidays. Although Vanguard Brokerage s or the Bank s offices may be open on certain federal holidays, these days are not considered Business Days for purposes relating to the transfer of funds. Card means the VanguardAdvantage Account Visa Gold Card issued on your Account. Card Transaction means any transaction in which you use the Card, the Card number, and/or your PIN to obtain cash through a Cash Advance transaction, to obtain cash from an ATM, or in payment to a merchant for goods or services. Cash Advance means a Card Transaction in which you receive money back from a merchant or financial institution. Cash Advances do not include ATM Withdrawals. Check, Checks, Checking refer to checks drawn on the Bank. 2

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT Check Transaction means any Transaction in which you use a Check to make a payment. Due Date is the date reflected on your payee statement for which the payment is due. It is not the late date or grace period. Electronic Funds Transfer means any transfer of funds initiated or authorized by you through an electronic payment system such as the ACH network. Payee is the person or entity to which you wish a bill payment to be directed or is the person or entity from which you receive electronic bills. Payment Account is your VanguardAdvantage Account, from which all payments and Billpay Service fees will be automatically debited. Payment Instructions is the information provided by you to Vanguard Brokerage for a bill payment to be made to the Payee (such as, but not limited to, Payee name, Payee account number, and Scheduled Payment Date). PIN means your personal identification number that is associated with your Card. Purchase means a Card Transaction in which you purchase goods or services. Regulation E means Regulation E (12 C.F.R. part 205) of the Board of Governors of the Federal Reserve System. Scheduled Payment is a payment that has been scheduled through the Billpay Service but has not begun processing.. Scheduled Payment Date is the day you want your Payee to receive your bill payment and is also the day your Payment Account will be debited, unless the Scheduled Payment Date falls on a non-business Day, in which case it will be considered to be the previous Business Day. Services means Checkwriting, Card, Billpay, ACH, and related services. Transaction means any Check, Card, Billpay, or ACH Transaction. Unauthorized Transaction means a Transaction made by someone without your authorization and from which you received no benefit. An Unauthorized Transaction does not include (a) a Transaction by a person to whom you furnished your Card, Card number, or PIN unless you have notified Vanguard Brokerage that Transactions by such persons are no longer authorized and Vanguard Brokerage has had a reasonable opportunity to act on such notice, (b) a Transaction made or authorized by you with the intent to defraud, or (c) a Transaction made in error by us. Vanguard Brokerage means Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member of NASD and SIPC. 3

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT We, Us, Our mean, as the context requires, Vanguard Brokerage and/or the Bank. You, Your, Accountholder mean each person or entity who is a registered owner of the Account. 2. How to Contact Us About Your Account. 2.1 Loss or Theft of Card, or Unauthorized Transactions. You must tell Vanguard Brokerage at once if you believe your Card or Checks have been lost or stolen or if you believe an unauthorized person may know your PIN or your Billpay Service website password. Similarly, tell Vanguard Brokerage if you believe any Unauthorized Transactions have been made to your Account, or if you believe that someone may attempt to use the Services without your consent or has transferred money without your permission. See Section 7 for more information about your rights and obligations with respect to Electronic Funds Transfers. 2.2 Errors or Questions About Your Account. Tell Vanguard Brokerage immediately if you think your Account statement or a Transaction record is wrong or if you need more information about your Account or any Transaction listed on the Account statement or Transaction record. 2.3 Contact Information. Call Vanguard Brokerage at 800-992-8327 Business Days from 8 a.m. to 8 p.m., Eastern time (limited services are available at other times). Or write to Vanguard Brokerage at: Vanguard Brokerage Services P.O. Box 1170 Valley Forge, PA 19482-1170 3. General Features of the Services. 3.1 Available Balance. 3.1.1 Your Available Balance may fluctuate from day to day because it is dependent upon changes in the balance in your Account. The Available Balance is reduced shortly after the Bank is notified of a Transaction, not when a sales draft or Cash Advance draft is paid. 3.1.2 You promise not to make a Transaction (such as issuing a Check, making a Card Transaction, or requesting a Billpay Transaction) that exceeds your Available Balance. If you make a Transaction that exceeds your Available Balance, you will incur the insufficient funds fee listed in the Vanguard Brokerage Services Commission and Fee Schedules. If you attempt to make a Transaction that will exceed your Available Balance, the Transaction will normally be declined. 4

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT 3.2 Payment for Transactions. 3.2.1 On a daily basis, the Bank will notify Vanguard Brokerage of the Transactions on your Account that the Bank receives. Vanguard Brokerage will make payments to the Bank on your behalf on each Business Day that Vanguard Brokerage receives notice of the Transactions. Vanguard Brokerage will make payments for the charges in the following order of priority: free credit in your Vanguard Brokerage account, cash available in your Vanguard Brokerage linked money market account, margin cash available. 3.2.2 You authorize Vanguard Brokerage to charge your Brokerage Account in order to pay for Transactions. Each Transaction shall be considered to be your direction to us to charge or reduce your Available Balance. When you use your Card, the reduction to your Available Balance occurs immediately, and you understand that you have no right to stop payment on any Card Transaction. You understand that Authorizations will reduce your Available Balance by the amount of the Authorization even if the Authorization does not result in a Transaction. Note that an Authorization will reduce your Available Balance until the earlier of the completion of the Transaction in whole or in part or the expiration of a time period specified by us. 3.2.3 If there is more than one person who is authorized to sign on the Account, you authorize us to pay Card drafts or Checks on the authority of any one of the signatures of the individuals identified on the appropriate account documentation even if you have signed documentation on file with us that states you require more than one signature to act on your Account. You also acknowledge that the Billpay Service may be established and any Billpay Transaction may be requested at any time upon the authorization of any one account owner or authorized signer. See Section 10 for more information about joint accounts. 3.2.3.1 Unauthorized Use. You promise not to let any unauthorized person make a Transaction, and you agree not to give or make available your PIN, password, or other means to access your Account or the Services to any unauthorized individuals. You are responsible for all payments you authorize using the Services. If you permit an unauthorized person to make a Transaction, or use any means to access your Account, even if the amount of actual use exceeds the amount you authorized, you will be responsible for the full amount of all Transactions that result. 5

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT 3.3 Insufficient Funds; Overdraft Protection. 3.3.1 If the available cash and sweep fund balances in your Account are insufficient to cover a Transaction, and you have not established overdraft protection for your Account, Vanguard Brokerage may instruct the Bank to return the item, if a Check or Billpay Transaction, or decline the item, if a Card Transaction. In each case, the insufficient funds fee listed in the Vanguard Brokerage Services Commission and Fee Schedules will be debited from your Account. If a Transaction results in an overdraft situation and you have established overdraft protection by means of a margin account, you may be required to deposit more money or securities. If you are unable to do so, or if the Transaction exceeds your margin cash available, Vanguard Brokerage may be required to sell all or a portion of your pledged assets. You will also be subject to margin interest as disclosed in your margin agreement. 3.4 Account Statements. 3.4.1 Vanguard Brokerage will send you an Account statement for every month in which you make a Transaction. In any event, you will receive an Account statement at least quarterly. Your Account statement will include the following information: For Card Transactions. The amount, location, Transaction date, posting date, reference number, and merchant name (when available). For Check Transactions. The Check number, amount, and date of payment. For ACH Transactions. The reference number, a Transaction description, amount, and date of payment. For Billpay Transactions. Billpay Transactions will be reflected as either Check Transactions or ACH Transactions, depending upon the form in which the payment is made to the Payee. Billpay Transactions paid by check will not include a Check number. 3.5 Foreign Transactions. 3.5.1 Foreign Transactions. These transactions are completed outside the United States through your Account. All debits to your Account will be posted in U.S. dollars. Payments to Payees outside the United States or its territories through the Billpay Service are prohibited. See Section 4.4 for more information about Card Transactions made in a foreign currency. 6

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT 3.5.2 Foreign Transaction Fee. For each Foreign Transaction, Visa charges a Foreign Transaction fee (currently 1% of the Transaction amount), which will be included in the amount charged to your Account. This Visa charge applies whether or not there is a currency conversion. 3.6 Fees. See the fees and charges associated with the Services that are listed in the Vanguard Brokerage Services Commission and Fee Schedules. Not included are fees that may be charged by third parties. Any applicable fees will be charged regardless of whether you use the service during any billing cycle. You agree to pay such charges and authorize us to deduct the calculated amount from your Account. Any other fees associated with your Account will continue to apply. You are responsible for any and all telephone access fees and/or Internet service fees that may be assessed by your telephone and/or Internet service provider. 4. Card Transactions. 4.1 Conveniences. 4.1.1 ATM Withdrawals. You can use your Card to receive cash at ATMs displaying the Plus System name and logo or at ATMs displaying the Visa name and logo. 4.1.2 Cash Advances. You can use your Card to receive money (Cash Advances) from your Account through financial institutions that honor Cards bearing the Visa logo. 4.1.3 Purchases/Authorizations. You can use your Card to buy goods and services (Purchases) from merchants honoring Visa. You can also use your Card to authorize others to place a hold on your Available Balance to ensure future payment and to make balance inquiries. 4.2 Out-of-Network Surcharges. An out-of-network surcharge may be imposed for ATM Transactions and balance inquiries. 4.3 Cancellation of Card. The Card can be canceled by the Bank or Vanguard Brokerage at any time without prior notice and will remain the property of the Bank. Without limiting the foregoing, your Card will be canceled effective with the closing of your Account. 7

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT 4.4 Foreign Currency. Card Transactions made in a foreign currency are converted into U.S. dollar amounts by Visa, using its then current currency conversion procedure and rate. At this time, the currency conversion rate is generally either a wholesale market rate or a government-mandated rate in effect the day before the Transaction processing date. The currency conversion rate used on the processing date may differ from the rate in effect on the Transaction date or periodic statement posting date. 4.5 Restrictions on Certain Transactions. 4.5.1 You may not use the Checks, the Card, or the Billpay Service to purchase securities. 4.5.2 You may not use the Card for Internet gambling. 4.5.3 Use of the Card for illegal activities is prohibited. 5. Check Transactions. Important: If more than one person is authorized to sign on the Account, you authorize us to pay Card drafts or Checks on the authority of any one of the signatures of the individuals identified on the appropriate account documentation even if you have signed documentation on file with us that states you require more than one signature to act on your Account. 5.1 Request for Check Copies. Your original Checks will not be returned to you. However, the Bank retains a record of all Checks paid for at least three months following their cancellation in original form, and it retains copies for at least seven years. At your request, we can provide a copy of a Check to you. A Check copy fee as listed in the Vanguard Brokerage Services Commission and Fee Schedules will be debited from your Account. 5.2 Insufficient Funds. If your Available Balance is insufficient to cover a Check, Vanguard Brokerage may instruct the Bank to return the item. An insufficient funds fee as listed in the Vanguard Brokerage Services Commission and Fee Schedules will be debited from your Account. 5.3 Stop Payment Orders. 5.3.1 You can place a stop payment order on Checks as long as they have not yet been paid. A stop payment order fee as listed in the Vanguard Brokerage Services Commission and Fee Schedules will be debited from your Account. In order to effect a stop payment, you must notify Vanguard Brokerage at 800-992-8327 of the Check number, exact amount of the Check, payee of the Check, date of the Check, and your Account number. 8

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT 5.3.2 Neither Vanguard Brokerage nor the Bank will be responsible if it is not possible to stop payment on Checks because the required stop payment information is not correct or is not entered on a timely basis, or if you fail to comply with a request for any other reasonable information about the Check. 5.3.3 If the Bank fails to stop payment on a Check for whatever reason, Vanguard Brokerage may, without liability, delay recrediting your Account while the rights of the parties involved are determined, including the rights of the Bank. Generally, stop payment orders become effective one Business Day after Vanguard Brokerage notifies the Bank. An oral stop payment order is effective for 14 days. If an oral stop payment order is promptly confirmed in writing, the stop payment order will remain in effect for 180 days. 5.3.4 For instructions on how to make stop payment orders on preauthorized ACH payments, see Section 8.5. 6. Billpay Service. Important: If more than one person is authorized to sign on the Account, you authorize us to establish the Billpay Service and process any Billpay Transaction at any time upon the authorization of any one account owner or authorized signer identified on the appropriate account documentation even if you have signed documentation on file with us that states you require more than one signature to act on your Account. 6.1 Bill Payment Scheduling. Billpay Transactions begin processing four Business Days prior to your Scheduled Payment Date. Therefore, Vanguard Brokerage will not permit you to select a Scheduled Payment Date less than four Business Days from the current date. When scheduling payments, you must select a Scheduled Payment Date that is no later than the actual Due Date reflected on your Payee statement unless the Due Date falls on a non-business Day. If the actual Due Date falls on a non-business Day, you must select a Scheduled Payment Date that is at least one Business Day before the actual Due Date. Scheduled Payment Dates should be prior to any late date or grace period. 6.2 Billpay Service Guarantee. Due to circumstances beyond the control of Vanguard Brokerage and/or the Bank, particularly delays in handling and posting payments by Payees or financial institutions, some transactions may take longer to be credited to your Account. We will bear responsibility for any late-payment-related charges up to $50 should a payment post after its Due Date as long as the payment was scheduled in accordance with the guidelines described in Section 6.1 above. 9

VANGUARDADVANTAGE ACCOUNT SERVICES AGREEMENT 6.3 Payment Authorization and Payment Remittance. 6.3.1 By providing us with names and account information of Payees to whom you wish to direct payments, you authorize us to follow the Payment Instructions that we receive through the Billpay Service. In order to process payments more efficiently and effectively, we may edit or alter payment data or data formats in accordance with Payee directives. 6.3.2 When we receive a Payment Instruction, you authorize us to debit your Payment Account and remit funds on your behalf so that the funds arrive as close as reasonably possible to the Scheduled Payment Date designated by you. You also authorize us to credit your Payment Account for payments returned to us by the United States Post Office or Payee, or payments remitted to you on behalf of another authorized user of the Billpay Service. 6.3.3 We will use our best efforts to make all your payments properly. However, we shall incur no liability and the Billpay Service Guarantee shall be void if we are unable to complete any payments initiated by you because of the existence of any one or more of the following circumstances: If, through no fault of ours, your Payment Account does not contain sufficient funds to complete the Billpay Transaction or the Billpay Transaction would exceed the credit limit of your overdraft protection through a margin account, if any; The Billpay Service website is not working properly and you know or have been advised by us about the malfunction before you execute the Billpay Transaction; You have not provided us with the correct Payment Account information, or the correct name, address, phone number, or account information for the Payee; and/or Circumstances beyond our control (such as, but not limited to, fire, flood, or interference from an outside force) prevent the proper execution of the Billpay Transaction and we have taken reasonable precautions to avoid those circumstances. Provided none of the foregoing exceptions are applicable, if we cause an incorrect amount of funds to be removed from your Payment Account or cause funds from your Payment Account to be directed to a Payee that does not comply with your Payment 10