The Vanguard Group, Inc.

INVESTOR OVERVIEW
The Vanguard Group, Inc.

COMPANY INFORMATION

Founded: May 1, 1975. The Vanguard Group, Inc. (VGI) is an investment advisory firm founded by John C. Bogle. Vanguard Investments Australia Ltd. is a subsidiary of VGI. A part of the
VGI's equity assets are managed externally. VGI caters to individuals and institutions.
100 Vanguard Boulevard
Malvern Pennsylvania 19355-2331
United States
Phone: 1-610-6691000
Fax: 1-610-6696600
Website: www.vanguard.com

INVESTMENT APPROACH

The Vanguard Group, Inc. is a global investor that employs both active and passive strategies, investing across all market caps and various industries. The firm adheres to value and
growth investment styles, including their combination. Vanguard also manages portfolios that focus on consumer discretionary and staples, energy, healthcare, industrial, I.T., materials,
mining, precious metals, real estate, telecommunications and utilities sectors. The firm also utilizes external managers and typically constructs diversified portfolios. Vanguard employs
both top-down and bottom-up approaches for its investment process. Quantitative modeling is used to assess different security factors, including growth prospect, relative return
potential and valuation. Decision Making Process:Vanguard conducts in-house research complemented by external sources. The firm employs a team approach.
TOP HOLDINGS (AS OF LATEST FILING)

1 Apple Inc AAPL.OQ

1.85% 348.47M shares 31-12-2017 +3.88M shares

2 Microsoft Corp MSFT.OQ

1.56% 581.91M shares 31-12-2017 +9.97M shares

3 Amazon.com Inc AMZN.OQ

1.02% 27.87M shares 31-12-2017 +0.51M shares

4 Facebook Inc FB.OQ

0.94% 169.85M shares 31-12-2017 +3.93M shares

5 Johnson & Johnson JNJ.N

0.90% 204.47M shares 31-12-2017 +2.65M shares

6 JPMorgan Chase & Co JPM.N

0.84% 251.81M shares 31-12-2017 +0.02M shares

7 Exxon Mobil Corp XOM.N

0.83% 317.71M shares 31-12-2017 +4.21M shares

8 Berkshire Hathaway Inc BRKb.N

0.77% 124.27M shares 31-12-2017 +1.88M shares

9 Alphabet Inc GOOG.OQ

0.70% 21.41M shares 31-12-2017 +0.41M shares

10 Alphabet Inc GOOGL.OQ

0.70% 21.23M shares 31-12-2017 +0.41M shares

11 Bank of America Corp BAC.N

0.62% 669.96M shares 31-12-2017 +6.35M shares

12 Wells Fargo & Co WFC.N

0.61% 319.51M shares 31-12-2017 +1.73M shares

13 Chevron Corp CVX.N

0.56% 142.75M shares 31-12-2017 +1.16M shares

14 AT&T Inc T.N

0.54% 439.42M shares 31-12-2017 +4.25M shares

15 Procter & Gamble Co PG.N

0.53% 185.43M shares 31-12-2017 +1.82M shares

16 Intel Corp INTC.OQ

0.50% 342.26M shares 31-12-2017 +3.61M shares

17 Pfizer Inc PFE.N

0.49% 433.01M shares 31-12-2017 +7.97M shares

18 Verizon Communications Inc VZ.N

0.48% 290.16M shares 31-12-2017 +2.53M shares
19 Home Depot Inc HD.N
0.48% 80.97M shares 31-12-2017 +0.41M shares

20 Visa Inc V.N

0.46% 129.19M shares 31-12-2017 +1.18M shares

CONTACTS

Joel Dickson Principal

1-610-6691000 joel_dickson@vanguard.com

Qaasim Ahmed Assistant Portfolio Manager

1-610-6691000 online@vanguard.com

John Ameriks Principal

1-610-6691000 john_ameriks@vanguard.com

Mortimer Buckley Chief Executive Officer

1-610-6691000 tim_buckley@vanguard.com

Michael Buek Principal

+1 (610) 6696311 michael_h_buek@vanguard.com

PORTFOLIO CONCENTRATION

Concentration # Securities Held % Portfolio Value (M USD) Value Change (M)

All 13908 93.84% 3,188,950.35 +397,822.48

Top 10 10 14.47% 461,851.12 +193,337.46

Top 20 20 20.69% 660,327.30 +211,045.03

Top 50 50 31.64% 1,009,658.64 +231,621.01

Top 100 100 40.86% 1,303,838.61 +251,682.64

Top 10 Top 20 Top 50 Top 100

Portfolio
14.47% 20.69% 31.64% 40.86%

PORTFOLIO SUMMARY

Equity Assets ($M): 3,188,884.32 Investor Sub-Type: Investment Advisor

Investment Style: Index Turnover: LOW
Total Assets ($M): 3,788,911.80 Turnover %: 9.92%
Orientation: Passive Filing Date: 13-02-2018
Investor Type: Investment Managers # Securities Held: 13908
RECENT ACTIVITY

BUYS Activity Details SELLS Activity Details

Security Port Chg % Shares Security Port Chg % Shares

Dialog Group Bhd 0.00% +96.51M Sinopac Financial Holdings Co Ltd 0.00% -195.07M

Home Product Center PCL 0.00% +75.12M Sansiri PCL 0.00% -123.15M

Base Resources Ltd 0.00% +69.52M UMC Inc 0.00% -98.30M

Tenaga Nasional Bhd 0.01% +69.49M Nuveen Municipal Value Fund Inc -0.03% -91.30M

YTL Corporation Bhd 0.00% +67.28M Digital Telecommunications Infrastructure Fund 0.00% -84.60M

BREAKDOWN (AS OF LATEST FILING)

Industries % Portfolio Value (M USD) Value Change (M) # Securities Held

 ENERGY 5.56% 177,280.38 +106.78 657

 Energy - Fossil Fuels 5.50% 175,455.35 +106.62 585

Oil & Gas Related Equipment and Services 1.06% 33,715.64 +0.69 185

Oil & Gas 4.34% 138,458.77 +105.93 338

Coal 0.10% 3,280.94 0 62

 Renewable Energy 0.05% 1,718.86 +0.16 65

Renewable Energy 0.05% 1,718.86 +0.16 65

 Uranium 0.00% 106.18 0 7

 Uranium 0.00% 106.18 0 7

 BASIC MATERIALS 4.44% 141,507.87 -6.80 1,184

 Chemicals 2.37% 75,439.25 +5.29 418

Chemicals 2.37% 75,439.25 +5.29 418

 Mineral Resources 1.47% 46,870.43 -13.99 598

Construction Materials 0.33% 10,439.41 +0.22 124

Metals & Mining 1.14% 36,431.02 -14.20 474

 Applied Resources 0.60% 19,198.20 +1.90 168

Containers & Packaging 0.48% 15,244.91 +1.90 89

Paper & Forest Products 0.12% 3,953.29 0 79

 INDUSTRIALS 10.99% 350,553.30 +65.86 2,242

 Industrial Goods 5.01% 159,762.80 +27.20 976

Machinery, Tools, Heavy Vehicles, Trains &

Ships 3.16% 100,714.09 +12.29 877

Aerospace & Defense 1.85% 59,048.70 +14.91 99

 Industrial & Commercial Services 2.48% 79,115.72 +28.26 771

Professional & Commercial Services 1.90% 60,512.25 +23.21 430

Diversified Trading & Distributing 0.15% 4,762.50 +3.09 34

Construction & Engineering 0.43% 13,840.97 +1.96 307

 Industrial Conglomerates 1.37% 43,712.30 +2.63 52

Industrial Conglomerates 1.37% 43,712.30 +2.63 52

 Transportation 2.13% 67,962.49 +7.77 443

Transport Infrastructure 0.18% 5,587.88 +1.30 118

Passenger Transportation Services 0.56% 17,769.36 +3.88 128

Freight & Logistics Services 1.40% 44,605.25 +2.60 197

 CONSUMER CYCLICALS 11.21% 357,609.30 +80.16 1,940

 Automobiles & Auto Parts 1.67% 53,356.53 +2.45 346

Automobiles & Auto Parts 1.67% 53,356.53 +2.45 346

 Cyclical Consumer Products 1.93% 61,626.21 +8.07 557

Leisure Products 0.27% 8,554.93 0 77

Household Goods 0.27% 8,765.79 +0.60 100

Homebuilding & Construction Supplies 0.67% 21,458.30 +7.47 158

Textiles & Apparel 0.72% 22,847.19 0 222

 Cyclical Consumer Services 3.89% 123,937.32 +45.23 617

Media & Publishing 1.90% 60,560.33 +15.48 273

Hotels & Entertainment Services 1.99% 63,376.99 +29.75 344

 Retailers 3.72% 118,689.24 +24.41 420

Specialty Retailers 1.82% 58,159.33 +15.42 285

Diversified Retail 1.90% 60,529.90 +8.99 135

 CONSUMER NON-CYCLICALS 7.13% 227,514.51 +120.99 868

 Food & Beverages 4.11% 131,109.35 +77.90 535

Food & Tobacco 2.55% 81,443.53 +53.25 417

Beverages 1.56% 49,665.82 +24.64 118

  Personal & Household Products & Services 1.57% 49,949.39 +32.05 149

Personal & Household Products & Services 1.57% 49,949.39 +32.05 149

 Food & Drug Retailing 1.46% 46,455.78 +11.05 184

Food & Drug Retailing 1.46% 46,455.78 +11.05 184

 FINANCIALS 25.66% 818,262.26 +150.25 2,818

 Banking & Investment Services 10.50% 334,918.91 +106.61 1,254

Investment Banking & Investment Services 2.29% 72,938.86 +15.86 294

Banking Services 8.22% 261,980.05 +90.75 960

 Insurance 3.97% 126,669.20 +39.60 273

Insurance 3.97% 126,669.20 +39.60 273

 Real Estate 6.03% 192,202.58 +4.04 1,102

Residential & Commercial REITs 5.19% 165,493.18 +2.27 486

Real Estate Operations 0.84% 26,709.40 +1.77 616

 Collective Investments 5.04% 160,634.19 0 150

Collective Investments 5.04% 160,634.19 0 150

 Investment Holding Companies 0.12% 3,837.38 0 39

Investment Holding Companies 0.12% 3,837.38 0 39

 HEALTHCARE 10.11% 322,473.20 +53.47 1,253

 Healthcare Services 3.87% 123,520.47 +5.97 410

Healthcare Providers & Services 1.47% 46,975.88 +1.24 136

Healthcare Equipment & Supplies 2.40% 76,544.59 +4.72 274

 Pharmaceuticals & Medical Research 6.24% 198,952.73 +47.51 843

Biotechnology & Medical Research 1.13% 35,991.44 +0.29 410

Pharmaceuticals 5.11% 162,961.30 +47.22 433

 TECHNOLOGY 17.12% 545,972.53 +14.63 1,442

 Technology Equipment 7.17% 228,719.34 0 811

Computers, Phones & Household Electronics 2.68% 85,580.21 0 185

Office Equipment 0.10% 3,140.28 0 26

Electronic Equipment & Parts 0.30% 9,669.89 0 99

Communications & Networking 1.06% 33,703.07 0 180

Semiconductors & Semiconductor Equipment 3.03% 96,625.88 0 321

 Software & IT Services 9.95% 317,253.19 +14.63 631

Software & IT Services 9.95% 317,253.19 +14.63 631

 TELECOMMUNICATIONS SERVICES 2.05% 65,458.62 +27.39 219

 Telecommunications Services 2.05% 65,458.62 +27.39 219

Telecommunications Services 2.05% 65,458.62 +27.39 219

 UTILITIES 2.85% 90,956.77 +27.22 418

 Utilities 2.85% 90,956.77 +27.22 418

Multiline Utilities 0.46% 14,774.33 +18.82 40

Water Utilities 0.14% 4,451.00 +2.67 56

Natural Gas Utilities 0.24% 7,504.91 0 52

Electric Utilities & IPPs 2.01% 64,226.54 +5.73 270

GRAND TOTAL 97.14% 3,097,588.75 +639.96 13,041

Regions % Portfolio Value (M USD) Value Change (M) # Securities Held

North America 77.14% 2,459,993.15 +2.44 4,248

Europe 11.34% 361,632.38 +636.89 2,128

Asia / Pacific 10.25% 326,781.63 +0.57 6,206

Latin America 0.64% 20,455.33 0 239

Africa 0.46% 14,764.99 +0.06 129

Middle East 0.16% 5,256.86 0 162

GRAND TOTAL 100.00% 3,188,884.32 +639.96 13,112

Data Not Provided