An anonymous director of Vanguard Investments reports

VANGUARD ANNOUNCES ESTIMATED 2014 ANNUAL CAPITAL GAINS DISTRIBUTIONS FOR THE VANGUARD ETFS

Vanguard Investments Canada Inc. has estimated annual capital gains distributions for the Vanguard ETFs listed herein for the 2014 tax year. Please note that these are estimated amounts only as of Nov. 7, 2014, and the estimates may change before the ETFs' Dec. 15, 2014, tax year-end.

These estimates are for the year-end capital gains distributions only, which will be reinvested, 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 monthly or quarterly distribution amounts.

Vanguard expects to announce the final year-end distribution amounts, as well as the monthly and quarterly cash distribution amounts, on or about Dec. 17, 2014. The ex dividend date for the 2014 annual distributions will be Dec. 24, 2014. The record date for the 2014 annual distributions will be Dec. 30, 2014, payable on Jan. 5, 2015.

                              ESTIMATED 2014 ANNUAL CAPITAL GAINS DISTRIBUTIONS           
                                                                                           Estimated        Estimated
Vanguard ETF                                                  TSX  Net asset value    annual capital   annual capital
                                                           ticker         per unit     gain per unit gain per unit as
                                                           symbol        as at Nov.     as at Nov. 7, at Nov. 7, 2014,
                                                                       25, 2014 ($)          2014 ($)        % of NAV

Vanguard FTSE Canada Index ETF                                VCE         $31.8908         $0.372474             1.17%
Vanguard FTSE Canada All Cap Index ETF                        VCN          30.3456          0.166968             0.55%
Vanguard FTSE Canadian High Dividend Yield Index ETF          VDY          32.6497          0.312644             0.96%
Vanguard FTSE Canadian Capped REIT Index ETF                  VRE          27.4413          0.472397             1.72%
Vanguard Canadian Aggregate Bond Index ETF                    VAB          25.3349                --             0.00%

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