Required Disclosure Information

ADM 401(k) and ESOP for

Salaried Employees
Participant Disclosure Notice

IMPORTANT PLAN AND INVESTMENT-

RELATED INFORMATION

Produced on April 09, 2018.

This Participant Disclosure Notice is being provided to you as required by
What’s Inside
federal law because you are/will be eligible to participate or have a balance in
the ADM 401(k) and ESOP for Salaried Employees (the "Plan") and have the
right to direct investments. SECTION 1:
The Plan Administrator has directed Fidelity Investments® ("Fidelity"), a Plan Helping You Manage Your Plan Account 2
service provider, to collect, consolidate, and provide you with the information in • Accessing your Plan account statement
this Notice.
• Your communication preferences
Inside, you will find the following:

● Information about managing your Plan account SECTION 2:

Certain Plan Information for You to Review 3
● Certain Plan information, including an explanation of the right to direct
investments, any Plan restrictions, and a description of the types of fees and • Understand the right to direct investments in the Plan
expenses associated with a Plan account • Learn about restrictions applicable under the Plan
• Review the types of Plan administrative and individual fees and
● Various details about the Plan’s investment options, which may include
expenses that may be deducted from your account
historical rates of return, benchmark information, expense ratios, and other
fees and restrictions that may be imposed
SECTION 3:
Please review these materials carefully. Please keep this information in mind Evaluating the Plan’s Investment Options 6
when managing or monitoring any account you may have in the Plan. For more • Review information about the Plan’s investment options, including
information about participating in the Plan, or if you already have an account historical or stated rates of return, fees and expenses, and restrictions
with Fidelity in the ADM 401(k) and ESOP for Salaried Employees and would like across the available investment options
to make any changes, log on to www.netbenefits.com.

Note: If this is your first time logging on to www.netbenefits.com, you will need
to register and set up a username and password to access your account. If you
already have a username and password for a Fidelity site (including NetBenefits®
from a previous employer), you do not need to register again.

1
SECTION 1: SECTION 2:

Helping You Manage Your Plan Account Certain Plan Information for You to Review
This Participant Disclosure Notice provides certain information about your Plan. Your rights
This Participant Disclosure Notice (the "Notice") includes important Plan and investment-
under the Plan are subject to the terms of the Plan. Please refer to your Plan’s Summary
related information. Additional tools and other resources are available through your Plan’s
Plan Description.
Web site. Your workplace savings plan is an important benefit, and you’ll want to monitor
your account periodically to help keep your savings plan on track. Right to Direct Investments
You have the right to direct your account balance and any future contributions among the
Accessing Your Plan Account Statement
Plan’s investment options, subject to any restrictions summarized below. To access your
If you have a Plan account, one way to monitor your retirement savings is to periodically Plan account with Fidelity, make any changes to your investment options, direct any future
review your account statement. Your statement will also display any Plan administrative or contributions, or seek additional information, log on to www.netbenefits.com or
individual fees described in this Notice that have been deducted from your Plan account. call 800-835-5095.
Remember, on www.netbenefits.com, you may do the following:
Investment Options
● Access your online Fidelity statement, which is continuously available, by logging on to
the Web site, clicking Quick Links for your applicable Plan(s) selecting Statements from The Plan offers a choice of investment options that allow you to create a diversified
the drop down list. portfolio to help you meet your individual needs. The Plan’s investment options, along with
certain information about each of them, are listed in Section 3 of this Notice.
● Please check your account information frequently and promptly review
correspondence, account statements, and confirmations as they are made available to Restrictions
you. Contact Fidelity immediately if you see or suspect unauthorized activity, errors, There may be certain restrictions on how investment directions may be made in the Plan,
discrepancies, or if you have not received your account statements or account summarized as follows:
documents or information. ● Exchanges into JM Smucker Stock are not allowed.
● Investment elections for JM Smucker Stock are not allowed.
● Print your Fidelity statement. Keep in mind that you may obtain a paper version (free of
charge) by calling your Plan’s toll-free number. Any frequent trading restrictions imposed by the Plan and/or by the Plan’s investment
options are listed in Section 3 of this Notice. Keep in mind that restrictions are subject
● Change the way Fidelity statements are delivered to you by logging on to your account
to change.
and visiting Mail Preferences.
Exercising Voting, Tender, and Similar Rights
For additional assistance, log on to www.netbenefits.com or call 800-835-5095.
You have the right to exercise voting, tender, and similar rights related to the following
Your Communication Preferences investments you may have in your Plan account. You will receive information regarding
such rights and how to exercise them at the time of a vote, tender, or other event.
Prefer Email? If you are receiving this Notice in print and would like to receive it
● Mutual Funds
electronically, help us to serve you better by providing Fidelity with your email address.
● ADM Common Stock
Simply visit www.netbenefits.com and access the Profile link at the top of the page. From
● JM Smucker Stock
there, select the Personal & Contact Information tab to provide your email address and the
Preferences tab to provide consent for Required Disclosures. Fees and Expenses
If you have an account in the Plan, it may be subject to the following types of fees
and expenses:
● Asset-based fees
Visit www.netbenefits.com for information and resources to help you make informed ● Plan administrative fees and expenses
investment decisions, including more detailed information on the Plan’s investment ● Individual fees and expenses
options.
Asset-Based Fees
Asset-based fees reflect an investment option’s total annual operating expenses and
include management and other fees. They are often the largest component of retirement
plan costs and are paid by all shareholders of the investment option. Typically, asset-based

2 3
fees are reflected as a percentage of assets invested in the option and often are referred to Type of Individual Fee Amount
as an "expense ratio." You may multiply the expense ratio by your balance in the
Overnight Mailing Fee $25.00 per transaction
investment option to estimate the annual expenses associated with your holdings. Refer to
Section 3 of this Notice for information about the Plan’s investment options, including their ESOP Cash Dividend - EFT Fee $3.00 per transaction
expense ratios (where applicable). Qualified Domestic Relations $300.00 per standard Fidelity web-generated order,
Order (QDRO) Fee $1,200.00 per modified Fidelity web-generated or
Asset-based fees are deducted from an investment option’s assets, thereby reducing its
custom order or $1,800.00 per order covering more
investment return. Fee levels can vary widely among investment options, depending in
than one plan
part on the type of investment option, its management (including whether it is active or
passive), and the risks and complexities of the option’s strategy. In some instances, a plan’s ESOP Cash Dividend - Check Fee $6.00 per transaction
administrative services may be paid for through offsets and/or payments associated with a
Also, please note that you may incur short-term redemption fees, commissions, and similar
plan’s investment options.
expenses in connection with transactions associated with your Plan’s investment options.
Please see Section 3 for details regarding the specific fees that may apply to the
Plan Administrative Fees and Expenses investment options available under the Plan.
Plan administrative fees may include recordkeeping, legal, accounting, trustee, and other
administrative fees and expenses associated with maintaining the Plan. Some plans may If any individual fees are deducted directly from your account, they will be reflected
deduct these fees and expenses from individual accounts in the Plan. on your Plan account statement.

Based on the information and direction Fidelity had on file at the time this Notice was
prepared, the following Plan administrative fee(s) may be deducted from Plan accounts.
The Plan’s administrative services may also be paid for through offsets and/or payments
associated with one or more of the Plan’s investment options. As you review this
information, please keep in mind that fees are subject to change and that certain Plan
administrative fees may not be deducted from accounts in some circumstances.

Type of Plan Administrative Fee Amount

Recordkeeping Fee $44.00 per year deducted quarterly
Company Stock Trustee Fee .10% per year deducted quarterly based upon
account balances in ADM Common Stock and JM
Smucker Company funds.

If any Plan administrative fees are deducted directly from your account, they will be
reflected on your Plan account statement.

Individual Fees and Expenses

Individual fees and expenses include those associated with a service or transaction you
may select, or an investment option you hold in your account. In some instances, they may
be deducted from the accounts of those individuals who utilize the service or engage in
the transaction.

If you have an account in the Plan, and you select or execute the following service(s) or
transaction(s), the fee(s) outlined below may be deducted from your account based on the
information and direction Fidelity had on file at the time this Notice was prepared. As you
review this information, please keep in mind that fees are subject to change and that
certain individual fees may not be deducted in some circumstances.

Type of Individual Fee Amount

Loan Setup Fee $50.00 per loan

4 5
SECTION 3:

Evaluating the Plan's Investment Options

This section provides information about the investment options in the Plan and reflects data As you review this information, you may want to think about whether an investment in a
recordkept as of April 09, 2018, except for performance data, which is as of December 31 of particular option, along with your other investments, will help you achieve your financial
the prior year. Additional information about the Plan’s investment options, including a goals. Keep in mind that the cumulative effect of fees and expenses can substantially
glossary of investment terms to help you better understand the Plan’s investment options, is reduce the growth of your retirement savings, but is only one of many factors to consider
available online at when you decide to invest in an option. Visit the Department of Labor’s Web site at
https://netbenefits.fidelity.com/NBLogin/?option=dcPlandetails. To request additional http://www.dol.gov/ebsa/publications/401k_employee.html for an example of the long-
investment-related information or a paper copy of certain information available online, free term effect of fees and expenses.
of charge, contact a Fidelity representative at Fidelity Investments, P.O. Box # 770003,
Cincinnati, OH 45277-0065 or call 800-835-5095.

Variable Return Investments Understanding investment performance: As you review the following information,
please remember that the performance data stated represents past performance,
The chart below lists the Plan’s investment options that do not have a fixed or stated rate of which does not guarantee future results. Investment return and principal value of an
return, and underneath each investment option is an applicable benchmark(s) for that investment will fluctuate; therefore, you may have a gain or loss when you sell your
option. A benchmark is a standard against which the performance of a security, mutual shares. Current performance may be higher or lower than the performance stated and
fund, or investment manager can be measured. This Notice requires that a broad-based is available at
market index be listed on the chart for each investment option. Additional benchmarks for www.netbenefits.com.
an investment option may be available online at
https://netbenefits.fidelity.com/NBLogin/?option=dcPlandetails along with benchmark
index definitions. Please note that the benchmark to measure and monitor performance
may be different from the benchmark displayed in the chart. Keep in mind that you cannot
invest in a benchmark index.

Fees and Expenses

Average Annual Total Return
Investment Name as of 12/31/2017 Annual Gross Shareholder Fees^ Excessive Other
Benchmark(s) Expense Ratio Trading Restrictions
10 Year (if less, Inception Restrictions
1 Year 5 Year As a % Per $1,000
since Inception*) Date
Asset Class: Stocks
ADM Common Stock -- -- -- 09/29/2017 N/A N/A Commission on stock N/A N/A
trades: no more than $0.029
S&P 500 -- -- -- per share.

The Securities and

Exchange Commission (SEC)
assesses a fee on sell order
of between $0.01 and $0.03
per $1,000 of principal (in
addition to commission)

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 Fees and Expenses
Average Annual Total Return
Investment Name as of 12/31/2017 Annual Gross Shareholder Fees^ Excessive Other
Benchmark(s) Expense Ratio Trading Restrictions
10 Year (if less, Inception Restrictions
1 Year 5 Year As a % Per $1,000
since Inception*) Date
Asset Class: Stocks (cont'd)

Aristotle Small Cap Equity N/A N/A 17.81%* 01/01/2017 0.690% $6.90 N/A N/A
Collective Trust - Class B

Russell 2000 N/A N/A 14.65%*

Dodge & Cox Stock Fund 18.33% 16.29% 7.71% 01/04/1965 0.520% $5.20 Yes§ N/A

S&P 500 21.83% 15.79% 8.50%

JM Smucker Stock -- -- -- 09/29/2017 N/A N/A Commission on stock N/A ‡
trades: no more than $0.029
S&P 500 -- -- -- per share.

The Securities and

Exchange Commission (SEC)
assesses a fee on sell order
of between $0.01 and $0.03
per $1,000 of principal (in
addition to commission)
T. Rowe Price Institutional Mid- 26.02% 17.73% 11.16% 07/31/1996 0.610% $6.10 Yes§ N/A
Cap Equity Growth Fund

Russell Midcap Growth 25.27% 15.30% 9.10%

Vanguard Institutional 500 Index -- -- -- -- 0.015% $0.15 Yes§ N/A
Trust

S&P 500 -- -- --
Vanguard International Growth 43.16% 11.02% 4.74% 09/30/1981 0.320% $3.20 Yes§ N/A
Fund Admiral Shares

MSCI AC Wld ex US (G) 27.77% 7.28% 2.31%

Vanguard Morgan™ Growth Fund 29.99% 16.57% 8.70% 12/31/1968 0.280% $2.80 Yes§ N/A
Admiral™ Shares

Russell 3000 Growth 29.59% 17.16% 9.93%

8 9
 Fees and Expenses
Average Annual Total Return
Investment Name as of 12/31/2017 Annual Gross Shareholder Fees^ Excessive Other
Benchmark(s) Expense Ratio Trading Restrictions
10 Year (if less, Inception Restrictions
1 Year 5 Year As a % Per $1,000
since Inception*) Date
Asset Class: Blended Funds
Vanguard Target Retirement 2015 11.56% 7.33% 5.35% 06/28/2007 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 8.75%

Vanguard Retirement 2015 11.61% 7.46% 5.29%
Composite Index
Vanguard Target Retirement 2020 14.18% 8.61% 5.72% 06/22/2007 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 8.75%

Vanguard Retirement 2020 14.22% 8.75% 5.76%
Composite Index
Vanguard Target Retirement 2025 16.02% 9.46% 5.89% 06/28/2007 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 8.75%

Vanguard Retirement 2025 16.08% 9.61% 5.95%
Composite Index
Vanguard Target Retirement 2030 17.61% 10.22% 6.01% 06/28/2007 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 8.75%

Vanguard Retirement 2030 17.66% 10.40% 6.08%
Composite Index
Vanguard Target Retirement 2035 19.22% 11.00% 6.29% 06/28/2007 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 8.75%

Vanguard Retirement 2035 19.25% 11.18% 6.33%
Composite Index
Vanguard Target Retirement 2040 20.82% 11.59% 6.60% 06/28/2007 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 8.75%

Vanguard Retirement 2040 20.86% 11.80% 6.64%
Composite Index

10 11
 Fees and Expenses
Average Annual Total Return
Investment Name as of 12/31/2017 Annual Gross Shareholder Fees^ Excessive Other
Benchmark(s) Expense Ratio Trading Restrictions
10 Year (if less, Inception Restrictions
1 Year 5 Year As a % Per $1,000
since Inception*) Date
Asset Class: Blended Funds (cont'd)

Vanguard Target Retirement 2045 21.52% 11.73% 6.65% 06/28/2007 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 8.75%

Vanguard Retirement 2045 21.55% 11.96% 6.72%
Composite Index
Vanguard Target Retirement 2050 21.48% 11.73% 6.70% 06/28/2007 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 8.75%

Vanguard Retirement 2050 21.55% 11.96% 6.72%
Composite Index
Vanguard Target Retirement 2055 21.48% 11.69% 10.96%* 10/05/2010 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 14.54%*

Vanguard Retirement 2055 21.55% 11.96% --
Composite Index
Vanguard Target Retirement 2060 21.51% 11.69% 10.91%* 03/01/2012 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) 21.21% 15.63% 14.30%*

Vanguard Retirement 2060 21.55% 11.96% --
Composite Index
Vanguard Target Retirement 2065 -- -- -- -- 0.070% $0.70 Yes§ N/A
Trust I

MSCI US Broad Mkt (G) -- -- --

Vanguard Retirement 2065 -- -- --
Composite Index
Vanguard Target Retirement 8.60% 5.03% 4.99% 06/22/2007 0.070% $0.70 Yes§ N/A
Income Trust I

BBgBarc U.S. Agg Bond 3.54% 2.10% 4.01%

Vanguard Retirement Income 8.68% 5.15% 4.99%
Composite Index

12 13
 Fees and Expenses
Average Annual Total Return
Investment Name as of 12/31/2017 Annual Gross Shareholder Fees^ Excessive Other
Benchmark(s) Expense Ratio Trading Restrictions
10 Year (if less, Inception Restrictions
1 Year 5 Year As a % Per $1,000
since Inception*) Date
Asset Class: Blended Funds (cont'd)

Vanguard Wellington™ Fund 14.82% 10.95% 7.60% 07/01/1929 0.160% $1.60 Yes§ N/A
Admiral™ Shares

S&P 500 21.83% 15.79% 8.50%

Asset Class: Bonds
ADM 401(K) Plans -- -- -- 02/01/2008 0.290% $2.90 N/A N/A
Stable Value Fund
PIMCO Total Return Fund 5.13% 2.21% 5.23% 05/11/1987 0.510% $5.10 Yes§ N/A
Institutional Class

BBgBarc U.S. Agg Bond 3.54% 2.10% 4.01%

N/A = Not Applicable/None -- = Not Available

Please see the Additional Disclosure Information section at the back of this Notice for additional
^ Some outside investment and vendor information may not be available to Fidelity. When "N/A" information, including performance and index disclosures.
does not appear and no shareholder fee is shown, it is due to the fact that our recordkeeping
system does not have a shareholder fee(s) on file. Nevertheless, there may be shareholder fees Expense Ratio
associated with the investment option. If a shareholder fee is shown, please keep in mind there Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of
may be other fees associated with the investment that our recordkeeping system does not have on its assets, as a dollar amount, or in basis points. These are costs the investor pays through a
reduction in the investment’s rate of return, and are required to be disclosed on the chart as a
file. More information may be found in the prospectus and/or other investment-related
gross amount. For a mutual fund, the gross expense ratio is the total annual fund or class operating
information, as well as by contacting the outside investment manager or vendor directly. expenses (before waivers or reimbursements) paid by the fund. Where the investment option is not
a mutual fund, the figure displayed in the expense ratio field is intended to reflect similar
Investment Restrictions information, but may have been calculated using methodologies that differ from those used for
‡ Closed to new investments, including contributions and exchanges. mutual funds. Mutual fund data has been drawn from the most recent prospectus and has been
provided by FMR LLC for Fidelity mutual funds and Morningstar, LLC for non-Fidelity mutual funds.
§ Excessive trading in this investment option and/or other investment options subject to such For non-mutual fund investment options, the information has been provided by Morningstar, LLC,
restrictions will result in the limitation or prohibition of additional purchases (other than the product’s investment manager or trustee, the plan sponsor or other third party.
contributions and loan repayments) for 85 calendar days; additional excessive trading will result in
a limitation of one exchange day per calendar quarter for a 12-month period. In certain instances, there may be fee waivers and/or expense reimbursements, which could result
in a temporary reduction to the gross expense ratios listed in the chart. More information is
Additional Investment Information available online at
* Performance provided is Life of Fund, which is since the inception date noted, when the https://netbenefits.fidelity.com/NBLogin/?option=dcPlandetails.
investment option has been in existence for less than 10 years. Life of fund figures are from the
inception date to the period shown. For unitized funds, the inception date shown may be that of Investment Risk
the fund’s underlying investment option. For non-mutual fund pools and trusts whose strategies
Additional information regarding an investment option’s risks, as well as its strategy and objectives,
may be offered to multiple clients and whose returns may be based on a composite, the inception
date shown may be the beginning date of the composite’s returns. including a prospectus or fact sheet if available, can be obtained at
www.netbenefits.com. Please consider all investment information prior to directing your Plan
Total returns are historical and include change in share price and reinvestment of dividends and account.
capital gains, if any. These figures do not include the effect of sales charges, if any, as these fees
are waived for contributions made through your retirement plan. If sales charges were included, Company stock funds are neither mutual funds nor diversified or managed investment options.
returns would have been lower.
Stock markets, especially foreign markets, are volatile and can decline significantly in response to
adverse issuer, political, regulatory, market or economic developments.

14 15
The value of your investment in a company stock fund is affected by the performance of the
company and the overall stock market and, if applicable, by the amount and performance of any
short-term investments held by the fund.

To help achieve long-term retirement security, you should give careful consideration to the benefits
of a well-balanced and diversified investment portfolio. Spreading your assets among different
types of investments can help you achieve a favorable rate of return, while minimizing your overall
risk of losing money. This is because market or other economic conditions that cause one category
of assets, or one particular security, to perform very well often cause another asset category, or
other particular security to perform poorly. If you invest more than 20% of your retirement savings
in any one company or industry, your savings may not be properly diversified. Although
diversification is not a guarantee against loss, it is an effective strategy to help manage your
investment risk.

Investments in smaller companies may involve greater risk than those in larger, more well known
companies.

In general the bond market is volatile and bonds entail interest rate risk (as interest rates rise bond
prices usually fall and vice versa). This effect is usually pronounced for longer-term securities.
Bonds also entail the risk of issuer default, issuer credit risk and inflation risk.

Investments in mid-sized companies may involve greater risk than those of larger, more well known
companies, but may be less volatile than investments in smaller companies.

Foreign investments, especially those in emerging markets, involve greater risk and may offer
greater potential returns than U.S. investments. This risk includes political and economic
uncertainties of foreign countries, as well as the risk of currency fluctuation.

Target date investments are generally designed for investors expecting to retire around the year
indicated in each investment’s name. The investments are managed to gradually become more
conservative over time. The investment risks of each target date investment change over time as its
asset allocation changes. They are subject to the volatility of the financial markets, including equity
and fixed income investments in the U.S. and abroad and may be subject to risk associated with
investing in high yield, small cap and foreign securities. Principal invested is not guaranteed at any
time, including at or after their target dates.

16 17
 calculated returns reflect the historical performance of the oldest share class of the fund, with an
Additional Disclosure Information inception date of 07/01/1929, adjusted to reflect the fees and expenses of this share class (when
Generally, data on Fidelity mutual funds is provided by FMR LLC, data on non-Fidelity mutual funds this share class’s fees and expenses are higher.) Please refer to a fund’s prospectus for information
is provided by Morningstar, LLC, and data on non-mutual fund products is provided by regarding fees and expenses. These adjusted historical returns are not actual returns. Calculation
Morningstar, LLC, the product’s investment manager or trustee, the plan sponsor whose plan is
methodologies utilized by Morningstar may differ from those applied by other entities, including
offering the product to participants, or other third party. Although Fidelity believes data gathered
the fund itself.
from these third-party sources is reliable, it does not review such information and cannot warrant it
to be accurate, complete, or timely. Fidelity is not responsible for any damages or losses arising ADM 401(K) Plans Stable Value Fund : This investment option is not a mutual fund.
from any use of this third-party information.

ADM Common Stock : This investment option is not a mutual fund. Benchmarks
Benchmark indices are unmanaged, and you cannot invest directly in an index. More information
Aristotle Small Cap Equity Collective Trust - Class B : This investment option is not a mutual fund. on benchmarks for the investment options through Fidelity is available online
at www.netbenefits.com.
JM Smucker Stock : This investment option is not a mutual fund.
Fidelity Investments Institutional Operations Company, Inc., 245 Summer Street, Boston MA 02210
Vanguard Institutional 500 Index Trust : This investment option is not a mutual fund.
© 2018 FMR LLC. All rights reserved
Vanguard International Growth Fund Admiral Shares : The analysis on these pages may be based,
in part, on adjusted historical returns for periods prior to the class’s actual inception of 08/13/2001. 579674.17.0
These calculated returns reflect the historical performance of the oldest share class of the fund,
with an inception date of 09/30/1981, adjusted to reflect the fees and expenses of this share class
(when this share class’s fees and expenses are higher.) Please refer to a fund’s prospectus for
information regarding fees and expenses. These adjusted historical returns are not actual returns.
Calculation methodologies utilized by Morningstar may differ from those applied by other entities,
including the fund itself.

Vanguard Morgan™ Growth Fund Admiral™ Shares : The analysis on these pages may be based, in
part, on adjusted historical returns for periods prior to the class’s actual inception of 05/14/2001.
These calculated returns reflect the historical performance of the oldest share class of the fund,
with an inception date of 12/31/1968, adjusted to reflect the fees and expenses of this share class
(when this share class’s fees and expenses are higher.) Please refer to a fund’s prospectus for
information regarding fees and expenses. These adjusted historical returns are not actual returns.
Calculation methodologies utilized by Morningstar may differ from those applied by other entities,
including the fund itself.

Vanguard Target Retirement 2015 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2020 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2025 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2030 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2035 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2040 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2045 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2050 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2055 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2060 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement 2065 Trust I : This investment option is not a mutual fund.

Vanguard Target Retirement Income Trust I : This investment option is not a mutual fund.

Vanguard Wellington™ Fund Admiral™ Shares : The analysis on these pages may be based, in part,
on adjusted historical returns for periods prior to the class’s actual inception of 05/14/2001. These

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