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Terms and conditions of use

Welcome! Please carefully read the following Terms and Conditions of Use ("Terms of Use") before using this website ("Site"). By using this Site, you agree to follow and be bound by these Terms of Use, which govern your use of the Site. IF YOU DO NOT AGREE TO THESE TERMS OF USE, DO NOT USE THIS SITE.

This Site is owned and operated by Vanguard Investments Singapore Pte. Ltd. (Singapore company registration number 200303953E). These Terms of Use are intended to be enforceable by Vanguard Investments Singapore Pte. Ltd., The Vanguard Group, Inc., and any of its subsidiaries, affiliates, directors, officers or any other person appointed thereby ("Vanguard") as well as by you.

Nothing contained in these Terms of Use is intended to modify or amend any other written agreement, if any, that may currently be in effect between you and Vanguard with regard to matters other than your use of the Site. Where access to restricted parts of this Site is subject to more specific terms, those terms apply instead of these.

Vanguard may periodically modify these Terms of Use without prior notice, and any such modifications will be effective immediately upon posting. We suggest that you periodically check these Terms of Use for modifications. If you use this Site after changes are posted to these Terms of Use, you accept the changed terms and conditions.

Vanguard may modify, suspend, discontinue, or restrict the use and availability of any portion of this Site or this entire Site at any time, without prior notice or liability. Your use of this Site may be monitored by Vanguard and used for Vanguard's internal business purposes, without liability.

Failure by Vanguard to enforce any provision(s) of these Terms of Use shall not be construed as a waiver of any provision or right.

Index:

No investment recommendations or professional advice

Information for investors

Limited license and restrictions on use

Linking conditions

RSS and podcast feeds

User content and license grant

Data, information, and content

Copyright policy, notice, and claim information

Trademarks and patents

International use

Third-party content

Timeliness of content

Termination

Warranty disclaimers

Liability and indemnity

Integration and severability

Applicable law and venue

Language

No investment recommendations or professional advice

The posting of content and access to this Site does not constitute, either explicitly or implicitly, any provision of investment management services or products by Vanguard Investments Singapore Pte. Ltd. This Site is solely for educational and informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any investment management product or service, including any security of any investment fund or to adopt any particular investment strategy or portfolio strategy. The information on this website is not investment/ tax advice, nor is it tailored to the needs or circumstances of any investor.

Any index, company, industry or market sector mentioned on this Site was done so for illustrative purposes only. Vanguard Investments Singapore Pte. Ltd. makes no representation regarding the advisability of investing in third-party products that utilize the indexes mentioned on this Site or investing in the companies, industries or market sectors mentioned on this Site.

Any examples of investment strategy or portfolio strategy mentioned on this Site are hypothetical and are intended for illustration purposes only. Any examples of investment strategy or portfolio strategy are not meant to provide or imply any particular investment strategy or portfolio strategy and are not tailored to the needs or circumstances of any individual investor.

Views expressed regarding a particular index, company, security, industry or market sector are the views of only that speaker/author as of the date indicated and do not necessarily represent the views of Vanguard Investments Singapore Pte. Ltd. Speculation or stated beliefs about future events, such as market and economic conditions, index, company, industry or security performance or other projections are "forward-looking statements". These forward-looking statements represent the beliefs of the speaker/author as of the date indicated, are subject to change at any time and do not necessarily represent the beliefs of Vanguard Investments Singapore Pte. Ltd. You should not expect that such information will be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise. Any such information is not a recommendation to buy, hold or sell any funds and may not be relied on as investment advice.

You should always consult a suitably qualified financial advisor for any specific advice on your particular financial situation.

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Information for investors

The information contained on this Site is for educational and informational purposes only, and it is not meant to forecast, imply or guarantee the future performance of any Vanguard funds.

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Limited license and restrictions on use

Vanguard grants you a limited, revocable, nonexclusive, nontransferable license to view, store, bookmark, download, and print the pages within this Site solely for your personal, informational, and noncommercial use or as expressly authorized by Vanguard in writing.

You are responsible for obtaining and maintaining all equipment, services, and other materials that you need to access this Site. Vanguard reserves all rights not expressly granted in these Terms of Use. Except as otherwise stated in these Terms of Use or as expressly authorized by Vanguard in writing, you may not (or enable others to):

Any unauthorized use of this Site will terminate the license granted herein and may violate applicable laws, including copyright law, trademark laws, and commercial regulations and statutes.

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Linking conditions

You may not link to this Site unless you comply with these linking conditions ("Linking Conditions"). Vanguard grants you a limited, revocable, nonexclusive right to create a hyperlink to this Site ("Link"), provided you comply at all times with the following conditions:

If you have created a Link that conforms to these Linking Conditions, then you also may include one or more Links to any internal or subsidiary page of this Site that is located one or several levels down from the homepages (known as "deep links"), provided, however, that all such deep links must be in close physical proximity to the Link that conforms to the Linking Conditions. You may not maintain numerous or pervasive Links to this Site.

Vanguard reserves the right to terminate any Linking program at any time and without prior notice to you.

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RSS and podcast feeds

Vanguard grants you a limited, revocable, nonexclusive right to view, store, bookmark, access, download, display, create hyperlinks to and use the Really Simple Syndication and podcast feeds (collectively, the "Feeds") offered by Vanguard solely for your personal, informational, educational, and noncommercial use or as otherwise authorized by Vanguard in writing, provided you comply at all times with the following conditions:

Any uses of Vanguard's Feeds not granted herein are strictly prohibited. Vanguard retains ownership of and all other rights in and to the Feeds, and any reports, data, information, content, software, files, products, services, links, trademarks, logos or other materials used in connection therewith.

Vanguard reserves the right, in its sole discretion, with or without cause, and without liability, to suspend, discontinue or modify any or all of its Feeds at any time and without prior notice and/or to immediately require you to cease accessing, displaying, or otherwise using any or all of the Feeds or the content of the Feeds. Vanguard will not be liable for any loss or damage whatsoever which you or any third party may suffer arising from your or any third party’s use of, inability to access or use or in connection with the Feeds.

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User content and license grant

You agree that you are solely responsible for all information, data, content, text, photographs, graphics, images, videos, messages, comments, quotations, files, documents, and any other materials that you submit, upload, post, e-mail, transmit, or otherwise make available via the Site ("User Content").

By submitting, uploading, posting, e-mailing, or transmitting User Content to the Site, you represent and warrant that either you own all right, title, and interest in and to the User Content or have express permission from the owner to copy and use such User Content for all purposes related to the Site. Vanguard does not control and is not responsible for the User Content uploaded via the Site, and Vanguard neither guarantees the accuracy, quality, or appropriateness of nor endorses any User Content submitted to the Site.

You agree not to use the Site to:

You grant Vanguard and its affiliates, subsidiaries, directors, officers, employees, agents, licensors, and vendors a perpetual, worldwide, irrevocable, nonexclusive, fully-paid up, royalty-free, sublicensable, and transferable right and license to use, store, modify, adapt, translate, publish, display, broadcast, perform, disclose, distribute, sell, reproduce, and create derivative works from any User Content, in whole or in part, in any medium or technology throughout the world, including any inventions, concepts, techniques, know-how, ideas, or expressions of ideas arising out of or based on the User Content, for any purpose in Vanguard’s sole discretion, without the requirement of any permission from or compensation or notice, and without liability, to you or any third party.

You irrevocably waive any moral rights in and to the User Content. Vanguard shall exclusively own all right, title, and interest in and to any derivative works or inventions created by or on behalf of Vanguard that incorporate or otherwise make use of any User Content, without the requirement of any permission from or compensation or notice, and without liability, to you or any third party.

None of the User Content that you submit, upload, post, e-mail, or transmit or otherwise make available via the Site shall be subject to any confidentiality obligations by Vanguard and its affiliates, subsidiaries, directors, officers, employees, agents, licensors, and vendors. Vanguard shall not be liable in any way for any User Content or for the use or disclosure of any User Content.

You acknowledge that Vanguard and/or its vendors may or may not (but are not obligated to) monitor User Content, but that Vanguard shall have the right in its sole discretion to monitor, post, move, refuse, or remove any User Content, in whole or in part, for any reason whatsoever, without prior notice and without liability.

If you have any questions or comments about your Vanguard investments or other issues, please click Contact us at the top of any webpage.

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Data, information, and content

The Materials on this Site are for your information, education, personal and noncommercial purposes only or as expressly authorized by Vanguard in writing.

Permission to use Materials (such as white papers, press releases and fact sheets) from the Site is granted, provided that (a) the copyright notice appears in all copies, (b) use of such Materials is for informational, educational, non-commercial or personal use only and will not be copied or posted on any network computer or broadcast in any media, and (c) no modifications of any Materials are made or (d) as expressly authorized by Vanguard in writing.

Vanguard’s Advisor Support section of the Site is for investment professional use only (more specific terms and conditions may apply).

In exchange for using such Materials, you agree not to hold Vanguard or its third-party information providers liable for any possible claim for damages arising from any decision you make based on the Materials made available to you through this Site.

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Copyright policy, notice, and claim information

All Materials on this Site, whether separate or compiled, including, but not limited to, text, graphics, audio clips, logos, buttons, images, digital downloads, data compilations, software, icons, html code and xml code, as well as all copyright, patent, trademark, industrial designs, trade dress, and other rights therein, are owned or licensed by Vanguard and its third-party information providers, and are protected by Singapore, United States and international intellectual property laws.

Pursuant to Section 512(c)(2) of the Copyright Revision Act, as enacted through the Digital Millennium Copyright Act, Vanguard designates an agent as described below to receive notifications of claimed copyright infringement by mail: Pamela Crocker  Senior Counsel, The Vanguard Group, Inc., P.O. Box 2600, V-26, Valley Forge, PA 19482-2600.

By telephone at (610) 669-6100

By fax at (610) 669-6600

By e-mail at intellectualproperty@vanguard.com

Please provide Vanguard with the following information when making a notification pursuant to the Digital Millennium Copyright Act:

If you have any other questions or would like an alternative method of reaching us, please click Contact us at the top of any webpage.

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Trademarks and patents

All Vanguard graphics, logos, page headers, and service names are trademarks, service marks, or trade dress of Vanguard. Vanguard's trademarks, service marks and trade dress may not be used in connection with any product or service that is not Vanguard's, in any manner that is likely to cause confusion among customers or investors or in any manner that disparages or discredits Vanguard. Nothing contained on this Site should be construed as granting any license or right in or to any trademarks, service marks, or trade dress of Vanguard.

CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2018 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

Copyright © 2017, Citigroup Index LLC. All rights reserved. "Citigroup", "Citi" and other service marks and trademarks related to Citigroup Index LLC are trademarks and service marks of Citigroup Inc. or its affiliates, are used and registered throughout the world, and are used under license for certain purposes by Vanguard. The investment fund offered herein is not sponsored, endorsed, sold or promoted by Citigroup Index LLC ("Citigroup Index"), and Citigroup Index makes no representation regarding the advisability of investing in such fund. Reproduction of the Citigroup Index data and information in any form is prohibited except with the prior written permission of Citigroup Index. Although such data and information is believed to be reliable, Citigroup Index does not guarantee the accuracy, adequacy, completeness or availability of any data and information and is not responsible for any errors or omissions or for the results obtained from the use of such data and information. CITIGROUP INDEX GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall Citigroup Index be liable for any direct, indirect, special or consequential damages in connection with any use of the Citigroup Index data and information.

All third party trademarks, service marks, and logos appearing on this Site are the exclusive property of their respective owners.

"CFA"® and "Chartered Financial Analyst"® are trademarks owned by CFA Institute.

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International use

The information on this Site is intended for Singapore residents only. Because of the global nature of the Internet, you agree to comply with all local rules with respect to your online conduct, including all laws, rules, codes, and regulations of the country in which you reside and the country from which you access this Site, including without limitation, all laws, rules, codes, regulations, decrees, acts, orders, directives, legislation, bills, and statutes pertaining to tax, contracts, intellectual property, securities, e-commerce, banking, technology, computers, fraud, and privacy. In addition, you agree to comply with all applicable laws, rules, codes, and regulations regarding the transmission of technical data exported from Singapore or the United States.

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Third-party content

Vanguard provides third-party content and links for convenience purposes only and may terminate third-party content and links at any time or without prior notice to you.

Data and other materials appearing on this Site that are provided by third parties are believed by Vanguard to be obtained from reliable sources, but Vanguard cannot guarantee and is not responsible for their accuracy, timeliness, completeness, or suitability for use. Vanguard is not responsible for, and does not prepare, edit, or endorse, the content, advertising, products, or other materials on or available from any website owned or operated by a third party that is linked to this Site via hyperlink. The fact that Vanguard has provided a link to a third party's website does not constitute an implicit or explicit endorsement, authorization, sponsorship, or affiliation by Vanguard with respect to such website, its owners, providers, or services. You will use any such third-party content at your own risk and you agree that Vanguard is not liable for any loss or damage that you may suffer by using third-party websites or any content, advertising, products, or other materials in connection therewith.

Please note that a third-party’s privacy policy and security practices may differ from Vanguard’s standards so it is important to read the policies of a third-party before accessing a third-party site or sharing your personal information.

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Timeliness of content

All content on this Site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. All content on this Site is reviewed and updated with due diligence on a regular basis, however, information available on this site may become outdated. You should not expect that content on this Site will be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

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Termination

The rights granted to you herein terminate immediately upon any violation by you of these Terms of Use. Vanguard, in its sole discretion, reserves the right to temporarily or permanently terminate your access to and use of any part or this entire Site, including links to third-party sites, at any time and for any reason whatsoever, without prior notice or liability. Vanguard will not be liable to you or any third party for any termination of your access to or use of this Site.

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Warranty disclaimers

YOU EXPRESSLY UNDERSTAND AND AGREE THAT:

YOUR USE OF THIS SITE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS.

TO THE FULL EXTENT PERMITTED UNDER APPLICABLE LAW, VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, AND ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS EXPRESSLY DISCLAIM ALL REPRESENTATIONS, WARRANTIES AND CONDITIONS, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION:

WITH RESPECT TO (I) THE SITE; (II) ANY MATERIALS, PRODUCTS, OR SERVICES AVAILABLE ON OR THROUGH THE SITE; (III) USE OF THE SITE, MATERIALS, PRODUCTS, OR SERVICES; AND (IV) THE RESULTS OF THE USE OF THE SITE, MATERIALS, PRODUCTS, OR SERVICES.

FURTHER, VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, AND ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS MAKE NO GUARANTEE AS TO THE ACCURACY, VALIDITY, TIMELINESS, OR COMPLETENESS OF ANY INFORMATION ON ANY THIRD-PARTY SITE TO WHICH YOU GAIN ACCESS THROUGH A HYPERLINK OR OTHER LINK FROM THIS SITE.

EXCEPT AS PROVIDED BY LAW, NEITHER VANGUARD NOR ITS THIRD-PARTY INFORMATION PROVIDERS AND VENDORS HAS ANY RESPONSIBILITY TO MAINTAIN THE MATERIALS, PRODUCTS, OR SERVICES OFFERED ON THE SITE OR TO SUPPLY CORRECTIONS, UPDATES, OR RELEASES FOR THE SAME.

TO THE EXTENT ANY JURISDICTION DOES NOT ALLOW THE EXCLUSION OF CERTAIN REPRESENTATIONS, WARRANTIES OR CONDITIONS, SOME OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO YOU. THIS WARRANTY GIVES YOU SPECIFIC LEGAL RIGHTS, AND YOU MAY HAVE OTHER RIGHTS, WHICH VARY FROM JURISDICTION TO JURISDICTION.

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Liability and indemnity

ANY MATERIALS DOWNLOADED OR OTHERWISE OBTAINED THROUGH THIS SITE ARE DONE AT YOUR OWN RISK. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR OTHER EQUIPMENT, OR LOSS OF DATA THAT RESULTS FROM SUCH DOWNLOAD.

NEITHER VANGUARD NOR ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, OR ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS WILL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES, OR DAMAGES CAUSED BY THEFT, UNAUTHORIZED ACCESS, SYSTEMS FAILURE, OR COMMUNICATIONS LINE FAILURE, OR THE COST OF PROCURING SUBSTITUTE GOODS OR SERVICES, CAUSED BY THE USE OF OR INABILITY TO USE THE SITE, MATERIALS OR ANY PRODUCTS OR SERVICES PROVIDED HEREIN, MATERIALS OR ANY PRODUCTS PROVIDED BY A THIRD-PARTY OR MAINTAINED ON A THIRD-PARTY SITE THAT YOU ACCESS THROUGH A HYPERLINK FROM THIS SITE OR ANY OTHER MATTER RELATING TO THIS SITE, EVEN IF VANGUARD HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TO THE EXTENT THAT SOME JURSIDICTIONS DO NOT ALLOW CERTAIN EXCLUSIONS OR LIMITATIONS OF DAMAGES, SOME OF THE ABOVE EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. TO THE EXTENT THAT A JURISDICTION DOES NOT PERMIT THE EXCLUSION OR LIMITATION OF LIABILITY AS SET FORTH HEREIN, THE LIABILITY OF VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, AND ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS IS LIMITED TO THE EXTENT PERMITTED BY LAW IN SUCH JURISDICTIONS.

You agree to indemnify, defend, and hold harmless Vanguard, its subsidiaries and affiliates, and each of its and their officers, directors, employees, agents and third-party information providers, from and against all claims, demands, liabilities, damages, losses, or expenses, including legal fees and costs, arising directly or indirectly out of or related to your activities in connection to or use of this Site, or any violation by you of these Terms of Use.

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Integration and severability

If any provision of these Terms of Use is deemed unlawful, void, or unenforceable, then that provision will be deemed severable from these Terms of Use and will not affect the validity and enforceability of the remaining provisions. These Terms of Use represent the entire agreement between you and Vanguard relating to the subject matter herein.

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Applicable law and venue

The laws of Singapore, without regard to principles of conflict of laws, govern these Terms of Use and any dispute that might arise between you and Vanguard. If you take legal action relating to these Terms of Use, you agree to file such action before the Courts of Singapore and in no other venue, and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

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Language

The parties have expressly requested and required that these Terms of Use and all other related documents be drawn up in the English language. These Terms of Use may be translated into other languages other than English. In the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in any translation, the English text shall prevail.

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© 2012 Vanguard Investments Singapore Pte. Ltd. All rights reserved.