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Press Release

Vanguard Selects Scivantage Maxit^™ For Automated Cost Basis Reporting

Jun 30, 2009

JERSEY CITY, N.J., June 30, 2009 - Scivantage, a leading provider of Web-based, front- and middle-office technology solutions to the financial services industry announced today that Vanguard, one of the world's largest investment management companies, has selected Scivantage Maxit to provide automated cost basis reporting and tax management capabilities to their mutual fund and brokerage clients.

Maxit will be available as an integrated solution on Vanguard.com, supporting Vanguard's shareholder and brokerage services platforms. Through Maxit, Vanguard will be able to provide its mutual fund and brokerage clients with a full suite of online tools to track capital gains, generate IRS Schedule D for tax filing and proactively manage investment tax decisions.

In addition, Maxit will also serve as Vanguard's enterprise cost basis engine to assist operations staff and shareholder services with providing clients with year-round access to cost basis data for account statements, investment inquiries and IRS reporting, ensuring overall compliance with the newly enacted cost basis reporting regulations. With its unique ability to support multiple back offices and clearing systems, Maxit provides Vanguard with the flexibility to support the cost basis reporting needs of both their mutual fund and brokerage divisions. Through a proprietary automation process, Maxit will also help Vanguard significantly reduce reconciliation and administrative tasks as it relates to cost basis and corporate actions processing, freeing up internal resources to focus on new, revenue-generating initiatives.

"We are committed to providing our clients with the best tools to help them make informed investment decisions," said Tammy Virnig, Principal, Vanguard. "After an extensive review, we determined that Maxit is the best solution to deliver detailed cost basis information to our clients. Not only will this solution help us satisfy the upcoming cost basis reporting requirements, but its on-demand reporting and tax management features will add significant value to our clients' investment experience."

"We are thrilled to announce that Vanguard has selected Scivantage Maxit," said Cameron Routh, senior vice president of strategic products, Scivantage. "Maxit has quickly become the solution of choice for leading mutual fund companies and brokerage firms. With mandatory reporting requirements on the horizon, Vanguard is well-positioned to maintain their leadership position and we look forward to helping them build an even stronger strategic advantage."

Scivantage Maxit is the most comprehensive, automated cost basis and portfolio tax reporting system available. This enterprise solution seamlessly integrates with all major and proprietary back office and clearing systems and offers a full suite of tax-based investment decision support tools for financial advisors and individual investors, including:

• Complete, real-time cost basis support for investment product offerings, including stocks, mutual funds, index and stock options, ETFs and bonds
• Automated basis adjustments for corporate actions, including complex voluntary actions
• Automatic wash sale identification and adjustment
• Broad lot relief method support, including MinTax, a tax efficient method available only with Maxit
• Customized tax reports for realized and unrealized gains/losses, IRS Schedule D and Form 6781

In addition to Maxit's robust set of core features, mutual fund companies will benefit from added functionality to support their unique business needs, including proper treatment for sales charges, sales load deferrals and return-of-capital distributions. Maxit also provides support for share class exchanges, RIC treatment of ETFs and a cost basis step-up tool for gifting and inheritance.

For more information about Scivantage Maxit or to stay informed on the latest information about the newly enacted cost basis reporting law, visit Scivantage's Basis Reporting Knowledge Base at www.basisreporting.com.