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R207Vanguard SEP–IRA Adoption AgreementIMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT. Vanguard is required by federal law to obtain from each person who opens an accountcertain personal information—including name, street address, and date of birth among other information—that will be used to verify identity. If youdo not provide us with this information, we will not be able to open the account. If we are unable to verify your identity, Vanguard reserves the rightto close your account or take other steps we deem reasonable.Print clearly, preferably in capital letters and black ink.This form is to be completed by both employers and employees who want to establish a SEP–IRA at Vanguard.Most forms, as well as booklets that provide details on our retirement services, can be downloaded from our website at www.vanguard.com/?serviceforms. Or you can call us to order them—or get assistance in filling out this form—at 1-800-205-6189. Return this form and any otherrequired documents in the enclosed postage-paid envelope, or mail to The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110.For overnight delivery, mail to The Vanguard Group, 455 Devon Park Drive, Wayne, PA 19087-1815.An Important Note About IRA Contribution MaximumsIf you are eligible to contribute to an IRA, your personal contributions as an individual and an employee to traditional, Roth, and SEP IRAs combinedcannot exceed certain limits. In 2003 and 2004:If you are under age 50, you can contribute a total of 3,000 to your IRAs.If you are between ages 50 and 70 1 2, you can contribute a total of 3,500 to your IRAs.Beginning in the year you reach age 70 1 2, you cannot contribute to traditional or SEP IRAs, but you may be able to contribute up to 3,500 to aRoth IRA.1. Account Owner InformationIf the account owner is not of legal adult age for the state in which he or she resides (18 for most states, 19 in Alabama and Nebraska, and21 in Mississippi), then the account will require a custodian, who must complete Section 2.If this SEP–IRA is being opened for a minor, print the words “a minor” after providing the name in the boxes below.Name (first, middle initial, try of Residence (for nonresident alien)–ORSocial Security Number–NonresidentAlien–Applied for.Date of application:Individual Tax Identification Number(if a resident or nonresident alien)–Birth Date (month, day, year)–Daytime Telephone Number–––Evening Telephone NumberStreet Address or APO/FPO (a P.O. box or rural route number is not acceptable)–CityState1Zip

R207-page 2 of 8Account’s Mailing Address if Different From Above (used both as the account’s address of record and for all account mailings)–CityStateZip2. Custodian Information (Complete this section only if you are opening this SEP–IRA for a minor.)Name (first, middle initial, try of Residence (for nonresident alien)–ORSocial Security Number–NonresidentAlien–Applied for.Date of application:Individual Tax Identification Number(if a resident or nonresident alien)–Birth Date (month, day, year)–Daytime Telephone Number–––Evening Telephone NumberStreet Address or APO/FPO (a P.O. box or rural route number is not acceptable)–CityStateZip3. Payment Method (Check all that apply; you need to fill out only the sections you check. If you do not provide a tax year whererequested, there will be a delay in the processing of this transaction.)Tax YearDollar AmountMy Employer Will Send Vanguard a Contribution.My Employer’s Contribution (Up to 25% of my compensation or 40,000, whichever is less. Make the check payable to VanguardFiduciary Trust Company.)My Individual Contribution (Up to 3,000; 3,500 if you are between ages50 and 70 1 2 Make the check payable to Vanguard Fiduciary Trust Company.)Tax YearDollar Amount ,. ,.Tax YearDollar Amount ,. ,.,.A Check From Assets That Had Been Held in Another IRA (Choose thisDollar Amountoption if you have taken possession of the SEP or traditional IRA assets you had held ,at another institution. In general, you must deposit these assets in an IRA within 60 daysafter receiving them to keep them tax-deferred. Assets not deposited within that time frame—including any taxes that were withheld—not only lose their tax-deferred status, they may besubject to ordinary income and penalty taxes.)An Asset Transfer (Choose this option if you want Vanguard to initiate a transferof your SEP or traditional IRA from another institution. If you want to transfer assetsfrom more than one institution, call us for instructions.)2Approximate Dollar Amount ,,.

R207-page 3 of 8You must enclose a copy of a current account statement with this authorization.The amount of time it takes to complete an asset transfer varies greatly from one institution to another. We suggest that you contactyour current institution to find out what the typical time frame is.Name of the Institution the Asset Transfer Is Coming FromStreet Address or Box Number–CityState–Zip–Telephone NumberName of ContactDescription of Mutual Fund or Certificate of Deposit Assets Being Liquidated and Transferred (Check all that apply.)Mutual Funds (If you do not check either “All” or “Partial” below, your entire account will be liquidated and transferred toVanguard.)Name of InvestmentORAccount Number All,,.,.Dollar AmountName of InvestmentORAccount Number All,Dollar AmountCertificates of Deposit (If you want to transfer your CD to Vanguard when it matures, we must receive this form at least 14 days,but not more than 30 days, before the maturity date.)Account NumberMaturity Date (month, day, year)Dollar Amount–– ,,.–– ,,.A Recharacterization (Choose this option if you want to change an employee contribution from one plan type to another—or to recharacterize a Roth conversion—and you want to direct it to a plan type you don’t currently hold at Vanguard. You must alsocomplete and sign a Vanguard Authorization to Recharacterize IRA Assets form. Skip to Section 5.)3

R207-page 4 of 84. Investment InstructionsMost of our funds have a minimum initial IRA investment of 1,000. If you choose any of these funds, you do not have to meet thatminimum. However, some of our funds have a minimum initial IRA investment of 10,000 or 25,000, and you do have to meet thoseminimums.Fund numbers, fund names, and investment minimums can be found in the enclosed Facts on Funds . (More information on our funds canbe found on our website at www.vanguard.com/?funds.)Vanguard charges a custodial fee of 10 a year for each IRA fund account having a balance of less than 5,000. However, we automaticallywaive this fee if you have assets totaling 50,000 or more at Vanguard, in any combination of accounts (whether in IRAs or not, andincluding employer-sponsored plans, brokerage accounts, and annuities).VanguardFund NumberPercentage ofAssets(if your assets arecoming from youremployer or anotherinstitution)Vanguard Fund NameAnnual Custodial FeeDollar Amount(if you are sending us a check for the full amount)% ,,.% ,,.% ,,. —1 00 % ,,Total Remitted to VanguardApproximate Value4.

R207-page 5 of 85. Beneficiary Designation (If you need more space to list additional beneficiaries, either photocopy this section or provide all theinformation requested—in the same format—on a separate sheet.)The designations you make on this form will not affect the beneficiary designations of other IRAs you may hold at Vanguard.If you choose an option below that indicates a relationship instead of specific names, the executor or administrator of your estate (or thetrustee if you designate a trust as a beneficiary) will be the one responsible for providing Vanguard with the names of your beneficiaries.If you have ever lived in a community property state while you were married, your spouse at that time may have certain rights to your IRA.We suggest that you consult your attorney for guidance on how your beneficiary designations may be affected by those state laws.Detailed information on these designations can be found on our website at www.vanguard.com/?beneficiary. Primary Beneficiaries (Check all that apply.)Those you list as primary beneficiaries will inherit your IRA following your death.If you choose more than one primary beneficiary option without indicating percentages, or if the percentages you allocate to yourprimary beneficiaries combined do not total 100%, we will allocate equal percentages totaling 100%.1.To my spouse who survives me. (The person you’re married to at the time of your death.)%2.To my descendants who survive me, per stirpes. (Divides the percentage you specify equally among yourchildren. If a child is deceased, that child’s children, if any, will share your deceased child’s portion equally.)%3.Equally to my grandchildren who survive me.%4.To the trustee of an existing trust that was created under an agreement known as%–, datedName of Trust5.–.Trust Date (month, day, year)%To the trustee of a trust created under my last will. The trust is known asor is located atName of Trust6.Section of WillOther (Choose this category to specify by name individuals or charities not covered by the previous options.)%Name of Individual (first, middle initial, last) or Charity–RelationshipSpouseOther–Individual’s Birth Date (month, day, year)%Name of Individual (first, middle initial, last) or Charity–RelationshipSpouseOther–Individual’s Birth Date (month, day, year)TOTAL100 %I do not want to name beneficiaries at this time. (Important: If you choose this option, your beneficiary will be what is stated as thedefault under the Vanguard Custodial Account Agreement in effect at the time of your death. Skip to the signature section on page 7.)5

R207-page 6 of 8 Secondary Beneficiaries (Check all that apply.)Those you list as secondary beneficiaries will inherit your IRA only if there are no surviving primary beneficiaries at the time ofyour death.If you choose more than one secondary beneficiary option without indicating percentages, or if the percentages you allocate toyour secondary beneficiaries combined do not total 100%, we will allocate equal percentages totaling 100%.1.To my spouse who survives me. (The person you’re married to at the time of your death.)%2.To my descendants who survive me, per stirpes. (Divides the percentage you specify equally among yourchildren. If a child is deceased, that child’s children, if any, will share your deceased child’s portion equally.)%3.Equally to my grandchildren who survive me.%4.To the trustee of an existing trust that was created under an agreement known as%–, datedName of Trust5.–.Trust Date (month, day, year)%To the trustee of a trust created under my last will. The trust is known asor is located atName of Trust6.Section of WillOther (Choose this category to specify by name individuals or charities not covered by the previous options.)%Name of Individual (first, middle initial, last) or Charity–RelationshipSpouseOther–Individual’s Birth Date (month, day, year)%Name of Individual (first, middle initial, last) or Charity–RelationshipSpouseOther–Individual’s Birth Date (month, day, year)TOTAL10I do not want to name secondary beneficiaries at this time. (Note that if you choose this option and either all of your primarybeneficiaries predecease you or a trust you named is no longer in existence, your beneficiary will be what is stated as the defaultunder the Vanguard Custodial Account Agreement in effect at the time of your death.)60 %