May 2021 Special Funds

VANGUARD HARBOURVEST 2021 FUND

Vanguard HarbourVest 2021 Private Equity Fund (the “Fund”), which will initially be managed by HarbourVest Partners L.P., is a broadly diversified portfolio of global private market investments across , growth equity, , and special situations strategies. The Fund’s targeted mix of primary fund investments, secondary investments, and direct co-investments is expected to accelerate capital deployment and generate both early and long-term performance. HarbourVest has a successful track record of investing across private equity strategies, geographies and market cycles. The firm expects to utilize its deep network of relationships, integrated approach, rigorous due diligence, stable platform, and proactive deal sourcing to seek superior returns. These characteristics are complemented by HarbourVest’s local presence in key global private markets, which provides in-depth market knowledge, longstanding relationships, and access to sought-after investments. Vanguard* and HarbourVest will work in close partnership to offer the fund to investors with HarbourVest serving as the fund manager.

DIFFERENTIATED STRATEGY EXPECTED DIVERSIFICATION‡ The Fund is intended to be a turnkey solution that invests in STRATEGY a diversified mix of primary funds, secondary investments, and direct co-investments across geographies, with an 55-65% / Primary Investments emphasis on North America and Europe. 20-30% / Secondary Investments > Focused on investment stages across buyout, 10-20% / Direct Co-investments growth equity, venture capital, and special situations investments > Structured to seek both and long-term out performance relative to public markets, while limiting volatility and downside risk INVESTMENT STAGE§ > Portfolio construction and expected commitment pace designed to accelerate capital deployment 65-75% / Buyout 15-25% / Growth Equity/Venture 5-15% / Special Situations PORTFOLIO CONSTRUCTION‡ Primary Investments (55-65%) – Investments in buyout, growth equity, venture capital funds and special situation strategies led by experienced managers. The Fund is expected to make 30-40 primary investments diversified GEOGRAPHY§ by region, strategy, and stage.

Secondary Investments (20-30%) – Investments in 60-70% / North America traditional limited partner interests, secondary direct 20-30% / Europe portfolios, and structured opportunities to accelerate 5-15% / Rest of World short-term performance and mitigate the J-curve.

Direct Co-investments (10-20%) – Buyout, growth equity and special situations which offer the potential to drive overall portfolio value appreciation.

*This document has been prepared on the basis that you are an accredited investor under Regulation D of the Securities Act of 1933 and a qualified purchaser under the Investment Company Act of 1940. This document is confidential and should not be shared with any other parties. ‡ These amounts reflect the current expectations for the allocation of the Fund. The ultimate allocation will differ based upon market conditions and available investment opportunities over the life of the Fund. These are not prescriptive guidelines. The investment guidelines of the Fund are contained in the Partnership Agreement. Target allocations are subject to change. There is no assurance that the target allocations will be achieved, and actual allocations may be significantly different than that shown here. § Investment stage and geography targets exclude secondary investments. Beijing | Bogotá | Boston | Dublin | Hong Kong | London | Seoul | Tel Aviv | Tokyo | Toronto www.harbourvest.com May 2021 VANGUARDSpecial Funds HARBOURVEST 2021 PRIVATE EQUITY FUND

KEY TERMS

Investment Period 3 years

Term 14 years

Minimum Capital Commitment $500,000 Commitment Windows Commitment Document Closing Window Due Date Date

Q2 2021 June 24 July 15

Q3 2021 August 25 September 15

Q4 2021 November 12 December 3

VANGUARD STRENGTHS > Aligned Interests - Vanguard is focused on providing their clients the best chance for investment success. > Expertise - Vanguard has over 40 years of asset management experience tailored to the unique needs of its global clients. > Solutions – Vanguard takes a disciplined, rigorous approach to governance and oversight of investment products and advice methodology with over two decades of experience creating custom portfolio solutions for clients. HARBOURVEST STRENGTHS > Aligned Interests – HarbourVest is a private, independently owned firm focused on the interests of its investors. > Experience – Over more than 35 years, HarbourVest has invested over $46 billion in global primary fund investments, over $29 billion in secondary transactions, and over $21 billion in direct co-investments over multiple macroeconomic and market cycles.1 > Access – HarbourVest offers investors access to sought-after private equity managers, tailored solutions, actionable insights, and strong performance results. > Global Platform – HarbourVest’s powerful global platform provides investors access to local market expertise, across the Americas, Europe and Asia. > Operational Merits – Full-service monitoring, reporting, cash management, and legal and regulatory compliance provide turnkey solutions to investors’ portfolio analysis and management needs.

1 As of March 31, 2021 Private investments involve a high degree of risk and, therefore, should be undertaken only by prospective investors capable of evaluating and bearing the risks such an investment represents. Investors in private equity generally must meet certain minimum financial qualifications that may make it unsuitable for specific market participants. With private equity (“PE”) investments, there are five primary risk considerations: market, asset liquidity, funding liquidity, , and selection. Certain risks are believed to be compensated risks in the form of higher long-term expected returns, with the possible exceptions being valuation risk and selection risk. For selection risk, excess returns would be the potential compensation, however, limited partners (“LPs”) must perform robust diligence to identify and gain access to managers with the skill to outperform. PE investments are speculative in nature and may lose value. This communication does not constitute an offer to sell or the solicitation of an offer to buy any specific investment product sponsored by, or investment services provided by The Vanguard Group, Inc., Vanguard Advisers Inc., Vanguard Marketing Corporation, Vanguard National Trust Company, or their subsidiaries or affiliates. Investments in funds issued by HarbourVest are made available to the following Vanguard clients: -Self-directed clients of Vanguard’s Retail Investor Group can access HarbourVest funds through Vanguard Marketing Corporation. The decision to invest in the HarbourVest funds will be the sole responsibility of such self-directed clients, and no Vanguard entity will determine the suitability of investments in any HarbourVest fund or otherwise make investment recommendations to Vanguard’s self-directed clients. -Advised clients of Vanguard’s Personal Advisory Services can access HarbourVest funds through Vanguard National Trust Company. Vanguard National Trust Company will assess the suitability of any recommendations to PAS clients to invest in the HarbourVest funds. -Advised clients of Vanguard Institutional Advisory Services can access HarbourVest funds through Vanguard Advisers, Inc. Vanguard Advisers, Inc. will assess the suitability of any recommendations to its advised clients to invest in the HarbourVest funds. Any such offers may be made only to Vanguard clients who met the definition of accredited investors and qualified purchasers under federal law and by means of delivery of a confidential Memorandum or similar materials that contain a description of the material terms of such investment. No sale will be made in any jurisdiction in which the offer, solicitation, or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation, or sale. Private investments involve a high degree of risk and, therefore, should be undertaken only by prospective investors capable of evaluating and bearing the risks such an investment represents. Investors in private equity generally must meet certain minimum financial qualifications that may make it unsuitable for specific market participants.

Vanguard Marketing Corporation, Distributor of the Vanguard Funds. For additional legal and regulatory information please refer to www.harbourvest.com/important-legal-disclosures

Beijing | Bogotá | Boston | Dublin | Hong Kong | London | Seoul | Tel Aviv | Tokyo | Toronto www.harbourvest.com