Close the switch to start.
A Tracking Pre-Regulator is a circuit that "Tracks" or "Follows" the output of the following regulator by a suitable voltage "gap", which is around 2V in this case. Such a circuit is used to reduce the power dissipation per device, achieve better ripple rejection or even better efficiency, in which case a Switching Pre-Regulator is used.
"Tracking" is achieved by the NPN BJT and LED. When the voltage difference between the outputs of the 2 regulators exceeds V(be, knee) + V(ka, knee), the transistor begins to conduct, thus posing as a resistance parallel to the already present 100kohm resistor and lowering the effective resistance, thus keeping the output of the Pre-Regulator 2V about the output of the (Post?) Regulator. The 620ohm resistor is used to send an additional current of 0.7V/620R to ensure the LED runs at its rated current, thus providing the full voltage drop, and also to glow brightly and act as an indication LED.
Note: I've heard that LEDs are "noisy", so using some other voltage reference is probably better for very low noise applications.
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