VBAL Vanguard Balanced ETF Portfolio

Vanguard Investments Canada Inc. today announced the estimated annual capital gains distributions for the Vanguard ETFs listed below for the 2023 tax year. This is an update to the estimated annual capital gains distributions announced on November 15, 2023. Please note that these are estimated amounts only, as of December 15, 2023, and could change if the Vanguard ETFs experience subscriptions or redemptions prior to the ex-dividend date.

These estimates are for the year-end capital gains distributions only, which will be re-invested and the resulting units immediately consolidated, so that the number of units held by each investor will not change. These estimates do not include estimates of ongoing monthly or quarterly cash distribution amounts, which are reported in a separate press release.

Vanguard Investments Canada Inc. expects to announce the final year-end distribution amounts for all ETFs (with the exception of VBU, VBG and VGAB, which were announced on December 18, 2023) on or about December 28, 2023. The ex-dividend date for the 2023 year-end distributions for these ETFs will be December 28, 2023. The record date will be December 29, 2023 and payable on January 8, 2024. The actual taxable amounts of reinvested capital gains distributions for 2023, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc.) in early-2024.

Vanguard ETF	TSX Ticker Symbol	Annual capital gain per unit ($)*	% of Net Asset Value (NAV)
Vanguard FTSE Canada Index ETF	VCE	0.324899	0.76%
Vanguard FTSE Canada All Cap Index ETF	VCN	0.179646	0.43%
Vanguard FTSE Canadian High Dividend Yield Index ETF	VDY	0.138349	0.33%
Vanguard FTSE Canadian Capped REIT Index ETF	VRE	0.330524	1.10%
Vanguard S&P 500 Index ETF	VFV	-	-
Vanguard U.S. Dividend Appreciation Index ETF	VGG	0.026096	0.03%
Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged)	VGH	-	-
Vanguard S&P 500 Index ETF (CAD-hedged)	VSP	-	-
Vanguard U.S. Total Market Index ETF	VUN	-	-
Vanguard U.S. Total Market Index ETF (CAD-hedged)	VUS	0.510383	0.61%
Vanguard FTSE Developed Asia Pacific All Cap Index ETF	VA	-	-
Vanguard FTSE Developed All Cap ex U.S. Index ETF	VDU	-	-
Vanguard FTSE Developed Europe All Cap Index ETF	VE	-	-
Vanguard FTSE Emerging Markets All Cap Index ETF	VEE	-	-
Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged)	VEF	0.122063	0.24%
Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)	VI	-	-
Vanguard FTSE Developed ex North America High Dividend Yield Index ETF	VIDY	-	-
Vanguard FTSE Developed All Cap ex North America Index ETF	VIU	-	-
Vanguard FTSE Global All Cap ex Canada Index ETF	VXC	-	-
Vanguard Canadian Aggregate Bond Index ETF	VAB	-	-
Vanguard Canadian Corporate Bond Index ETF	VCB	-	-
Vanguard Canadian Government Bond Index ETF	VGV	-	-
Vanguard Canadian Long-Term Bond Index ETF	VLB	-	-
Vanguard Canadian Short-Term Bond Index ETF	VSB	-	-
Vanguard Canadian Short-Term Corporate Bond Index ETF	VSC	-	-
Vanguard Balanced ETF Portfolio	VBAL	0.12186	0.41%
Vanguard Conservative Income ETF Portfolio	VCIP	-	-
Vanguard Conservative ETF Portfolio	VCNS	0.206613	0.76%
Vanguard All-Equity ETF Portfolio	VEQT	0.053857	0.15%
Vanguard Growth ETF Portfolio	VGRO	0.115103	0.36%
Vanguard Retirement Income ETF Portfolio	VRIF	-	-
Vanguard Global Momentum Factor ETF	VMO	-	-
Vanguard Global Value Factor ETF	VVL	-	-
Vanguard Global Minimum Volatility ETF	VVO	-	-

*as of December 15, 2023

Forward-looking information

This notice contains forward-looking statements with respect to the estimated 2023 year-end capital gains distributions for the Vanguard ETFs. By their nature, these forward-looking statements involve risks and uncertainties that could cause the actual distributions to differ materially from those contemplated by the forward-looking statements. Material factors that could cause the actual distributions to differ from the estimated distributions include, but are not limited to, the actual amounts of distributions received by the Vanguard ETFs, portfolio transactions, currency hedging transactions, and subscription and redemption activity.

To learn more about TSX-listed Vanguard ETFs, please visit www.vanguard.ca

About Vanguard

Canadians own CAD $87 billion in Vanguard assets, including Canadian and U.S.-domiciled ETFs and Canadian mutual funds. Vanguard Investments Canada Inc. manages CAD $57 billion in assets (as of September 30, 2023) with 37 Canadian ETFs and six mutual funds currently available. The Vanguard Group, Inc. is one of the world's largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages USD $7.8 trillion (CAD $10.8 trillion) in global assets, including over USD $2.2 trillion (CAD $3 trillion) in global ETF assets (as of September 30, 2023). Vanguard has offices in the United States, Canada, Mexico, Europe, Australia and Asia. The firm offers 430 funds, including ETFs, to its more than 30 million investors worldwide.

Vanguard operates under a unique operating structure. Unlike firms that are publicly held or owned by a small group of individuals, The Vanguard Group, Inc. is owned by Vanguard's U.S.-domiciled funds and ETFs. Those funds, in turn, are owned by Vanguard clients. This unique mutual structure aligns Vanguard interests with those of its investors and drives the culture, philosophy, and policies throughout the Vanguard organization worldwide. As a result, Canadian investors benefit from Vanguard's stability and experience, low-cost investing, and client focus. For more information, please visit vanguard.ca.

For more information, please contact:Matt GierasimczukVanguard Canada Public RelationsPhone: 416-263-7087matthew_gierasimczuk@vanguard.com

Important information

Commissions, management fees, and expenses all may be associated with investment funds. Investment objectives, risks, fees, expenses, and other important information are contained in the prospectus; please read it before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Vanguard funds are managed by Vanguard Investments Canada Inc. and are available across Canada through registered dealers.

London Stock Exchange Group companies include FTSE International Limited ("FTSE"), Frank Russell Company ("Russell"), MTS Next Limited ("MTS"), and FTSE TMX Global Debt Capital Markets Inc. ("FTSE TMX"). All rights reserved. "FTSE®", "Russell®", "MTS®", "FTSE TMX®" and "FTSE Russell" and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. All information is provided for information purposes only. No responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of its licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Indexes or the fitness or suitability of the Indexes for any particular purpose to which they might be put.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by The Vanguard Group, Inc. (Vanguard). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.