VFV Vanguard S&P 500 Index ETF

Vanguard Investments Canada Inc. today announced the estimated annual capital gains distributions for the Vanguard ETFs listed below for the 2023 tax year. Please note that these are estimated amounts only, as of October 31, 2023, and reflect forward-looking information which may cause the estimates to change before the ETFs’ December 15, 2023 year-end tax 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.

Vanguard expects to announce the final year-end distribution amounts, on or about December 20, 2023. The ex-dividend date for the 2023 annual distributions will be December 28, 2023. The record date for the 2023 annual distributions will be December 29, 2023 and payable on January 8, 2024.

Please note that for the VBU, VBG and VGAB ETFs, Vanguard expects to announce the final year-end distribution amounts, on or about December 18, 2023. The ex-dividend date for the 2023 annual distributions for these ETFs (VBU, VBG and VGAB) will be December 22, 2023. The record date for the VBU, VBG and VGAB ETFs will be December 27, 2023 and payable on January 4, 2024.

Vanguard ETF	Ticker Symbol	Estimated annual capital gain per unit as of October 31, 2023 ($)	% of NAV
Vanguard FTSE Canada Index ETF	VCE	0.461172	1.12%
Vanguard FTSE Canada All Cap Index ETF	VCN	0.204749	0.53%
Vanguard FTSE Canadian High Dividend Yield Index ETF	VDY	0.258449	0.67%
Vanguard FTSE Canadian Capped REIT Index ETF	VRE	-	-
Vanguard S&P 500 Index ETF	VFV	0.062510	0.06%
Vanguard U.S. Dividend Appreciation Index ETF	VGG	0.443688	0.61%
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	0.063235	0.08%
Vanguard U.S. Total Market Index ETF (CAD-hedged)	VUS	1.182179	1.59%
Vanguard FTSE Developed Asia Pacific All Cap Index ETF	VA	-	-
Vanguard FTSE Developed All Cap ex U.S. Index ETF	VDU	0.227330	0.62%
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	1.531045	3.22%
Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)	VI	1.023463	3.07%
Vanguard FTSE Developed ex North America High Dividend Yield Index ETF	VIDY	0.002864	0.01%
Vanguard FTSE Developed All Cap ex North America Index ETF	VIU	0.020752	0.07%
Vanguard FTSE Global All Cap ex Canada Index ETF	VXC	0.164387	0.34%
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 U.S. Aggregate Bond Index ETF (CAD-hedged)	VBU	-	-
Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)	VBG	-	-
Vanguard Balanced ETF Portfolio	VBAL	0.196236	0.72%
Vanguard Conservative Income ETF Portfolio	VCIP	-	-
Vanguard Conservative ETF Portfolio	VCNS	0.206410	0.82%
Vanguard All-Equity ETF Portfolio	VEQT	0.087505	0.26%
Vanguard Growth ETF Portfolio	VGRO	0.141791	0.48%
Vanguard Retirement Income ETF Portfolio	VRIF	-	-
Vanguard Global Momentum Factor ETF	VMO	-	-
Vanguard Global Value Factor ETF	VVL	-	-
Vanguard Global Minimum Volatility ETF	VVO	-	-
Vanguard Global Aggregate Bond Index ETF (CAD-hedged)	VGAB	-	-

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.vanguardcanada.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.

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