The Vanguard Group® To Offer Private Equity Advisory Services

VALLEY FORGE, PA, October 8, 2001 — The Vanguard Group today announced that it is has signed an agreement with Hamilton Lane Advisors, L.L.C., a leader in global private equity investment services. Under the agreement, Hamilton Lane will provide fund-of-funds management for a private equity investment program that Vanguard will offer to qualified investors.

"This new initiative is a logical step in Vanguard's development as an investment management firm, bringing clients additional investment programs and services to complement our core mutual fund business," said John J. Brennan, Chairman and CEO of the Vanguard Group. "We are pleased to be working with Hamilton Lane, a respected and experienced firm whose broad access to top private equity investment opportunities and extensive due diligence process is well-recognized."

"This is an exciting opportunity for Hamilton Lane to continue to provide our private equity investment expertise in a different arena," said Mario Giannini, President and Chief Operating Officer of Hamilton Lane. "We are proud to have been selected by Vanguard in this effort, as their reputation for providing quality investment programs is unmatched."

Hamilton Lane (, headquartered in Bala Cynwyd, Pennsylvania, was founded in 1991 to assist institutional investors in selecting and monitoring investments within the private equity marketplace, which includes areas like venture capital, leveraged buyouts, and mezzanine debt financing. Hamilton Lane provides full service investment management, advisory and consulting services in the area of alternative and private equity investments. Since its inception, Hamilton Lane has initiated in excess of $22 billion of client commitments to the asset class, and monitors and reports on more than $30 billion of commitments on behalf of its clients.

The Vanguard Group (, headquartered in Valley Forge, Pennsylvania, is the nation's second largest mutual fund firm and a leading provider of company sponsored retirement plan services. Vanguard serves 15 million shareholder accounts and manages some $545 billion in U.S. assets. Vanguard offers 108 funds to U.S. investors and 29 additional funds in foreign markets.