Consent agreement for electronic delivery

The terms and conditions below apply to your election, as in effect from time to time, to receive electronically any of the account documents made available by Vanguard for electronic delivery (e-delivery) from time to time, as described below. Eligible account types consist of: (1) personal mutual fund and brokerage accounts registered under your Social Security number or individual taxpayer identification number (either such number, SSN) (including individual retirement accounts, trust accounts with individual trustees, accounts in The Vanguard 529 College Savings Plan (VG 529) and Vanguard Variable Annuity contracts) (SSN accounts); (2) mutual fund and brokerage accounts held by organizations or trusts with individual trustees and registered under an employer identification number (EIN) for which you are designated as the person authorized to elect e-delivery (including accounts in VG 529 and Vanguard Variable Annuity contracts) (EIN accounts); (3) accounts in employer-sponsored retirement plans in which you participate, as determined by your employer (Plan accounts); and (4) any of the foregoing accounts types that may be eligible for and enrolled in a Vanguard advice offer from time to time. EIN accounts do not include certain types of organization accounts registered under an EIN. See Accounts affected by your mailing preferences for details.

What documents are available electronically?

SSN Accounts

Document type	When documents become available online	How long documents remain accessible online
Transaction and account maintenance confirmations¹ for mutual fund and Vanguard Brokerage Services® SSN accounts²	Business day after trading activity or account change; annually for beneficiary verifications and Required Minimum Distribution (RMD) confirmations	Minimum of 13 months
Account statements for mutual fund³ and brokerage SSN accounts	Within 5 business days after end of statement period	Minimum of 13 months
Tax forms for mutual fund and brokerage SSN accounts⁴	Tax forms for mutual fund accounts are available by January 31, and by February 28 for brokerage accounts.	Check your account's Taxes & income area for form availability.
Vanguard fund reports and prospectuses⁵ for mutual fund SSN accounts	In accordance with fiscal year of fund	Until superseded
Reports, prospectuses, and proxy materials for brokerage SSN accounts⁶	In accordance with fiscal year of issuer or as determined by issuer	Until superseded or as determined by issuer
Vanguard fund proxy materials for mutual fund SSN accounts	As determined by fund	As determined by fund
Vanguard's privacy policy notice	Currently available	Until superseded
Notices, amendments, and other important account updates relating to mutual fund and brokerage SSN accounts⁷	As required by law or determined by Vanguard	As required by law or determined by Vanguard

EIN Accounts

Document type	When documents become available online	How long documents remain accessible online
Transaction and account maintenance confirmations⁸ for mutual fund and Vanguard Brokerage Services® EIN accounts⁹	Business day after trading activity or account change	Minimum of 13 months
Account statements for mutual fund and brokerage EIN accounts	Within 5 business days after end of statement period	Minimum of 13 months
Tax forms for mutual fund and brokerage EIN accounts¹⁰	Tax forms for mutual fund accounts are available by January 31, and by February 28 for brokerage accounts.	Check your account's Taxes & income area for form availability.
Vanguard fund reports and prospectuses¹¹ for mutual fund EIN accounts	In accordance with fiscal year of fund	Until superseded
Reports, prospectuses, and proxy materials for brokerage EIN accounts¹²	In accordance with fiscal year of issuer or as determined by issuer	Until superseded or as determined by issuer
Vanguard's privacy policy notice	Currently available	Until superseded
Notices, amendments, and other important account updates relating to mutual fund and brokerage EIN accounts¹³	As required by law or determined by Vanguard	As required by law or determined by Vanguard

Plan Accounts¹⁴

Document type	When documents become available online	How long documents remain accessible online
Transaction confirmations	Business day after trading activity or account change	Minimum of 13 months
Account statements	Quarterly between days 7 and 17 of the month after quarter-end	Minimum of 18 months
Vanguard fund reports and prospectuses	In accordance with fiscal year of fund.	Until superseded
Vanguard fund proxy materials	As determined by fund	As determined by fund
Tax forms	By January 31 following the calendar year to which the form relates	Minimum of 2 years
Notices, amendments, and other important account updates relating to Plan accounts¹⁵	As required by law or determined by plan or Vanguard	As required by law or determined by plan or Vanguard

¹Includes mutual fund and Vanguard 529 College Savings Plan portfolio transactions and brokerage trade confirmations, account change confirmations, beneficiary verifications, and RMD service confirmations.

² Personal accounts registered under your SSN include individual accounts; joint accounts on which your SSN is listed first; accounts for minors on which you are custodian or authorized parent/guardian; individual retirement accounts including traditional, Roth, SEP-, and SIMPLE IRAs, and individual 403(b)(7) accounts; accounts in The Vanguard 529 College Savings Plan; and Vanguard Variable Annuity contracts, as applicable. Also includes trust accounts registered under an SSN on which you are the first-listed individual trustee.

³ Includes household statement groups (HSG) for which you are the recipient.

⁴ Includes tax forms issued by the Vanguard funds, Vanguard Fiduciary Trust Company, or Vanguard Marketing Corporation as payer on mutual fund and brokerage SSN accounts. IRS Forms 1042-S and 2439 are not available for e-delivery. Tax forms related to The Vanguard 529 College Savings Plan will be physically mailed regardless of this consent.

⁵Prospectuses would include the Program Description and any supplements thereto for The Vanguard 529 College Savings Plan.

⁶ Includes corporate action announcements. If you hold your Vanguard funds in a brokerage account, the delivery selections for your brokerage account(s) will govern your Vanguard fund document delivery.

⁷ Includes amendments to Vanguard IRA and individual 403(b)(7) custodial account agreements, amendments to mutual fund and brokerage account agreements, amendments to the RMD Service Agreement, RMD service notifications, the required advisory service disclosure brochures, supplements, and agreements, and annual legal disclosure notices and information regarding Vanguard advice services, and annual legal disclosure notices and information regarding a Vanguard advice offer.

⁸ Includes mutual fund and Vanguard 529 College Savings Plan portfolio transactions and brokerage trade confirmations and account change confirmations.

⁹ Eligible EIN accounts include mutual fund and brokerage accounts registered under an EIN on which you are sole authorized signatory, and non-trust accounts registered under an EIN for which you have been designated as the person authorized to elect e-delivery (including EIN accounts in The Vanguard 529 College Savings Plan and Vanguard Variable Annuity contracts registered under an EIN), as applicable. Certain organization accounts registered under an EIN may not be eligible for e-delivery.

¹⁰ Includes tax forms issued by the Vanguard funds, Vanguard Fiduciary Trust Company, or Vanguard Marketing Corporation as payer on mutual fund and brokerage EIN Accounts. IRS Forms 1042-S and 2439 are not available for e-delivery. Tax forms related to The Vanguard 529 College Savings Plan will be physically mailed regardless of this consent. Tax forms related to The Vanguard 529 College Savings Plan will be physically mailed regardless of this consent.

¹¹ Prospectuses would include the Program Description and any supplements thereto for The Vanguard 529 College Savings Plan.

¹² Includes corporate action announcements. If you hold your Vanguard funds in a brokerage account, the delivery selections for your brokerage account(s) will govern your Vanguard fund document delivery.

¹³ Includes amendments to mutual fund and brokerage account agreements, required advisory service disclosure brochures, supplements, and agreements, and annual legal disclosure notices and information regarding Vanguard advice services.

If you have both Personal and EIN accounts in a Vanguard advice offer, the e-delivery elections for your Personal accounts will govern your EIN account a Vanguard advice offer document delivery. If you have only EIN accounts in a Vanguard advice offer, your a Vanguard advice offer documents will be sent via U.S. mail.

¹⁴ Documents available for e-delivery under your Plan accounts are determined by your plan sponsor.

¹⁵ Examples include employer plan information and education materials such as Summary Plan Descriptions, Summary of Material Modifications, Summary Annual Reports, Participant Expense Disclosures, Plan Conversion Materials & Notices, Plan Provisions, and Qualified Default Investment Alternative Information, as well as required advisory service disclosure brochures, supplements, and agreements, and annual legal disclosure notices and information regarding Vanguard advice services and annual legal disclosure notices and information regarding a Vanguard advice offer. If you have both Personal and Plan accounts in a Vanguard advice service, the e-delivery elections for your Personal accounts will govern your Plan account document delivery related to the advice service.

Vanguard reserves the right to modify without prior notice the length of time during which documents remain available online. Regardless of your e-delivery selections, certain documents will continue to be sent by U.S. mail for compliance, business, or security reasons. Certain organization accounts registered under an EIN are not eligible for e-delivery.

How is the consent applied and how long does it last?

SSN accounts

Your consent applies to all eligible documents you've selected, or those you select in the future, for all SSN accounts registered under your SSN.
For joint SSN accounts, only the owner designated as primary (the individual whose SSN is listed first on the account registration) can accept this consent agreement. If you elect e-delivery for a joint account, you represent that you have the authority to act on behalf of all account owners and to consent to e-delivery on behalf of all owners using the e-mail address you provide.
Your consent will be effective until you revoke it or it is revoked by Vanguard. You always have the ability to change your specific e-delivery document selections at any time, by going to Account maintenance, choosing Delivery settings under Mail preferences and selecting "Customize your mailing preferences."
Please note that revoking your consent or modifying your mailing preferences may subject you to account service fees for one or more of your mutual fund or brokerage SSN accounts.

EIN accounts

Your consent applies to all eligible documents you've selected, or those you select in the future, for all EIN accounts for which you are designated as the person authorized to elect e-delivery.
For organization EIN accounts with more than one authorized signatory, only the person designated by the authorized signatories on the account registration or Organization Resolution form can accept this consent agreement. For trust EIN accounts with more than one individual trustee, only the trustee listed first on the Account Registration form or the trustee subsequently designated on a Trustee Certifcation can accept this consent agreement.
Your consent will be effective until you revoke it or it is revoked by the EIN account owner(s) or representatives or Vanguard. You always have the ability to change your specific e-delivery document selections at any time, by going to Account maintenance, choosing Delivery settings under Mail preferences and selecting "Customize your mailing preferences."
Please note that revoking your consent or modifying your mailing preferences may subject you to account service fees for one or more of your mutual fund or brokerage SSN accounts.

Plan accounts

For Plan accounts, your consent applies to eligible current and future employer retirement plan accounts established under your SSN, as determined by your employer.
Your consent will be effective until you revoke it or it is revoked by Vanguard. You always have the ability to change your specific e-delivery document selections at any time, by going to My Profile, choosing Mailing preferences, and selecting "Customize your mailing preferences."

All accounts

If you change your mailing preferences back to paper delivery for all documents, your consent will be considered revoked. Vanguard will revoke your consent if your web access is blocked or if e-mail notifications are returned as undeliverable.
Your consent to this agreement will revoke your e-delivery consent agreement with Broadridge, if any, applicable to your Vanguard brokerage accounts.
In the event Vanguard materially amends this consent agreement, you will be provided notice and, as always, will have the opportunity to revoke your consent or change your specific e-delivery selections.

How will I know when documents are available online?

You'll receive an e-mail notification to your e-mail address then on file with Vanguard whenever a document for which you've selected e-delivery becomes available online, and you can access the document securely by logging onto your account.

You can download or print any documents, and you can also contact Vanguard at any time to request a paper copy of any document at no cost. You can also save your electronic documents to your local hard drive, as you would any other file from the internet. You may want to consider downloading, saving, and/or printing important account documents, in case a document is no longer available online or our website becomes temporarily unavailable to you for any reason.

What software do I need?

All of the documents available via e-delivery are available only in portable document format (PDF). You must have PDF viewing software, such as Adobe Reader, installed on your computer in order to view account documents available via e-delivery.
If you don't have Adobe Reader or are otherwise unable to view or print information on our website, do not accept this agreement.

How do I change my information?

To change or verify your mailing preferences or e-mail address at any time, or to revoke your e-delivery election and consent:

Log on to Vanguard.com.
For SSN and EIN accounts, click Account maintenance in the top navigation bar, then click Delivery settings under Mail preferences.
For Plan accounts, click My Profile in the top navigation bar and go to Mailing preferences.
Click the link(s) appropriate for the change(s) you want to make.
Enter the new information and click Submit.

Note: Please allow three business days for us to process your changes or revocation. It may be several days to several weeks before you stop receiving documents via your previous delivery method, depending on the type of document.

Are there delivery considerations I should know about?

On rare occasions, e-mails may not transmit properly, your internet service provider may experience system failure, or other problems may arise.

E-mail notifications will be sent from one of the following domains: vanguard.com, evanguard.com, investordelivery.com, or proxyvote.com. If you use spam-blocking software, please update your settings to allow e-mail from these domains.
If you don't receive an anticipated e-mail notice, log on to vanguard.com for up-to-date documents and information about your accounts. You should also check your e-mail quarantine, junk mail, or spam folder periodically, as valid messages are occasionally routed to these folders by e-mail providers.
To view your account documents, log on to vanguard.com and select the My Accounts tab at the top of the page. To view SSN or EIN accounts, click Statements or Messages. To view Plan accounts, click Plan Summary, then select Statements under History, statements, and forms.
If an e-mail is returned to Vanguard as "undeliverable," we'll attempt to resend it. After up to three failed attempts to deliver e-mail to the e-mail address you have provided us, we will switch all of your mailing preferences back to paper delivery and begin sending your account documents via U.S. mail. This will revoke your consent to e-delivery. Therefore, please update your information immediately if your e-mail address changes by logging onto vanguard.com and following the instructions under How do I change my information? above.

Additional e-delivery consent language that applies to owners of the Vanguard Variable Annuity who reside in California.

ELECTRONIC INFORMATION CONSENT ‐ I consent to receive documents and notices applicable to the Eligible Policy/Policies accessed through the Company website or portal, or websites or portals operated on behalf of the Company. These include, but are not limited to: Policy contracts, applications, application supplements and addendums, illustrations, amendments, riders, replacement notices, statements of additional information, conditional receipts, customer correspondence, prospectuses, prospectus supplements, annual and semiannual reports, quarterly statements and immediate confirmations, privacy notices, other notices, and documentation, permitted by law to be sent electronically, in electronic format, when available instead of receiving paper copies of these documents by U.S. mail.

Important Information Concerning Electronic Document Delivery:

Your consent is voluntary. Documents will only be transmitted to you electronically if you consent.
There is no charge for electronic delivery, although your internet provider may charge for Internet access.
You are confirming that you have access to a computer with internet capabilities and an active email account to receive information electronically.
This Electronic Document Delivery applies only to Eligible Policies accessed through the Company website or portal, or websites or portals operated on behalf of the Company.
After consenting to Electronic Document Delivery, we will send an email to confirm that the email address you provided is correct. If we are unable to confirm an email address or have reasonable suspicion that an email address is incorrect, we will not activate the consent for electronic delivery, in which case you will continue to receive paper copies of your documents.
Email filters must be updated to ensure you received email notifications from us.
Not all contract documentation and notifications may currently be available in electronic format.
You can request the Company provide paper copies of documents at any time for no charge.
If an email address changes, you may notify us at any time by contacting us at the phone number listed below or editing your profile on the appropriate website.
This consent will remain in effect until revoked. You may opt out of receiving records electronically at any time.
If you choose to revoke your consent, withdrawal of this consent will become effective within two business days after the Company receives your request.

Please call 800-357-4720 or visit the Company website at www.vanguard.com if you would like to revoke your consent, wish to receive a paper copy of the information above, or need to update your email address.I consent to receive electronic transmission of documents and agree to the terms and conditions as described above.

EINFOC0716(CA)

The following text applies to owners of the Vanguard Variable Annuity who reside in Georgia and Utah.

ELECTRONIC INFORMATION CONSENT ‐ I consent to receive documents and notices applicable to the Eligible Policy/Policies accessed through the Company website. These include, but are not limited to, prospectuses, prospectus supplements, annual and semiannual reports, quarterly statements and immediate confirmations, privacy notice and other notices and documentation in electronic format when available instead of receiving paper copies of these documents by U.S. mail. I consent to receive in electronic format any documents added in the future.