Company Press Release

VALLEY FORGE, PA, August 1, 2008 – The Board of Directors of The Vanguard Group has elected F. William McNabb III as Chief Executive Officer of Vanguard, effective August 31. Under the transition plan announced in February, Mr. McNabb will succeed John J. Brennan, who has served as Vanguard CEO since 1996.

Mr. McNabb, 51, joined Vanguard in June 1986 and has held various senior leadership positions during his 22-year career, including directing Vanguard’s Retail and Institutional divisions. He will assume day-to-day responsibilities for all aspects of Vanguard’s operations.

Mr. Brennan, 54, will remain as Chairman of the Vanguard Board and the Vanguard funds, and will continue to be involved in strategic business and fund management issues.

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 $1.25 trillion in U.S. mutual fund assets, including more than $360 billion in employer-sponsored retirement plans. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in non-U.S. markets.

All asset figures are as of July 31, 2008, unless otherwise noted.

For more information, visit www.vanguard.com, or call 800-662-7447 to obtain a fund 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.