See Vanguard Brokerage Margin Interest Plan The first steps at Vanguard is a relatively long process compared to other online brokers. While you can start opening an online account, it takes you several days to log in. The addition of features such as options trading or margin trading involves electronically signing relevant documents and waiting for up to an additional week. The amount of time you spend waiting with Vanguard depends on the level of service for which your account size is qualified; Basically, the larger the account, the shorter the waiting time. Vanguard also maintains a presence on Twitter and responds to requests within an hour or two. Your Margin account information is displayed on the Margin-Solde retail screen when you log in to your account. 2 Table of Materials Is Margin Investing right for you? What is Margin Investing ?… 1 advantages… 2 risks Vanguard`s interest rates…

4 Manage your margin accountS How to interpret the Margin-Balance-Detail retail screen What is a margin call? The requirements of margin… 9 cash loans from your short trading margin account sales?… 15 Until November 2019, neither brokerage provider had reported significant data breaches by the Identity Research Centre. 3 Is Margin Investing what you need? What margin investments? If you invest in Margin, you borrow either cash or Vanguard Brokerage (Vanguard) securities to complete the investment transactions. As a general rule, you only need to raise a percentage of the amount needed for a securities purchase or short sale, while you pay interest to finance the rest on the basis of an approved line of credit. To keep your line of credit open, you must maintain a certain amount of equity the current value of your assets decreased from the margin loan amount on your account at any time (minimum $2,000). Basically, you use your account assets as collateral to secure credit. Margin trading can increase your return on an investment, but there is also the potential for significant losses (see benefits and risks on pages 2 and 3 respectively). At Vanguard, margin investment is only allowed for Vanguard brokerage accounts that do not retire and only with our prior authorization.