File: Attachment 06221822-00000001-00032048-PR-28_ETFs-2024_CG-12-19-2024-E-PDF.pdf

PRESS RELEASE

VANGUARD INVESTMENTS CANADA ANNOUNCES ESTIMATED 2024 ANNUAL CAPITAL GAINS DISTRIBUTIONS FOR THE VANGUARD ETFstrademark - VRE, VDY, VCE, VCN, VFV, VSP, VUN,

VUS, VGG, VGH, VE, VDU, VEF, VIU, VI, VEE, VA, VXC, VVO, VMO, VVL, VCNS, VBAL, VGRO, VCIP, VEQT, VIDY and VRIF

TORONTO (December 19, 2024) Vanguard Investments Canada Inc. today announced the estimated annual capital gains distributions for the Vanguard ETFs listed below for the 2024 tax year. This is an update to the estimated annual capital gains distributions announced on November 18, 2024. Please note that these are estimated amounts only, as of December 15, 2024, 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.

The ex-dividend date for the 2024 year-end distributions for these ETFs will be December 30, 2024. The record date will be December 30, 2024 and payable on January 7, 2025. The actual taxable amounts of reinvested capital gains distributions for 2024, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc.) in early-2025.

Vanguard ETF TSX Annual capital % of Net Ticker gain per unit ($)* Asset Vanguard FTSE Canada Index ETF Symbol Value Vanguard FTSE Canada All Cap Index ETF 0.254441 (NAV) Vanguard FTSE Canadian High Dividend Yield Index ETF VCE 0.041950 0.46% Vanguard FTSE Canadian Capped REIT Index ETF VCN 0.294772 0.08% Vanguard U.S. Total Market Index ETF VDY 0.59% Vanguard U.S. Total Market Index ETF (CAD-hedged) VRE - - Vanguard S&P 500 Index ETF VUN - - Vanguard S&P 500 Index ETF (CAD-hedged) VUS - - Vanguard U.S. Dividend Appreciation Index ETF VFV - - Vanguard U.S. Dividend Appreciation Index ETF (CAD- VSP - - hedged) VGG 0.069006 0.07% Vanguard FTSE Developed All Cap ex North America Index ETF VGH - - Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) VIU 0.010201 0.03%

VI 0.348207 0.87% Vanguard FTSE Developed All Cap ex U.S. Index ETF VDU - - Vanguard FTSE Developed All Cap ex U.S. Index ETF (CAD-hedged) VEF 0.598825 1.04% Vanguard FTSE Developed ex North America High Dividend Yield Index ETF VIDY 0.412729 1.29% Vanguard FTSE Developed Europe All Cap Index ETF Vanguard FTSE Developed Asia Pacific All Cap Index ETF VE - - Vanguard FTSE Emerging Markets All Cap Index ETF VA - - Vanguard FTSE Global All Cap ex Canada Index ETF VEE - - Vanguard Balanced ETF Portfolio VXC - - Vanguard Conservative ETF Portfolio VBAL 0.338984 1.00% Vanguard Growth ETF Portfolio VCNS 0.419058 1.40% Vanguard Conservative Income ETF Portfolio VGRO 0.256927 0.67% Vanguard All-Equity ETF Portfolio VCIP - - Vanguard Retirement Income ETF Portfolio VEQT 0.082691 0.18% Vanguard Global Minimum Volatility ETF VRIF - - Vanguard Global Momentum Factor ETF VVO - - Vanguard Global Value Factor ETF VMO 0.726806 1.10% *as of December 15, 2024 VVL 0.963633 1.78%

Forward-looking information

This notice contains forward-looking statements with respect to the estimated 2024 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 the TSX-listed Vanguard ETFs, please visit www.vanguard.ca

About Vanguard

Canadians own CAD $117 billion in Vanguard assets, including Canadian and U.S.-domiciled ETFs and Canadian mutual funds. Vanguard Investments Canada Inc. manages CAD $87 billion in assets (as of September 30, 2024) with 38 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 $10.1 trillion (CAD $14 trillion) in global assets, including over USD $3.1 trillion (CAD $4.3 trillion) in global ETF assets (as of September 30, 2024). Vanguard has offices in the United States, Canada, Mexico, Europe and Australia. The firm offers 426 funds, including ETFs, to its more than 50 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 Gierasimczuk Vanguard Canada Public Relations Phone: 416-263-7087 matthew_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. "FTSEtrademark", "Russelltrademark", "MTStrademark", "FTSE TMXtrademark" 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'strademark, S&Ptrademark and S&P 500trademark are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jonestrademark 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.