Vanguard Retirement Income ETF Portfolio

Vanguard Retirement Income ETF Portfolio (the ETF) seeks to provide a combination of consistent income with the possibility of some capital appreciation. Fund investing in equity and fixed income securities. The ETF may do so either directly or indirectly through investment in one or more exchange-traded funds managed by Vanguard Investments Canada Inc. (the Manager) or an affiliate or certain other investment funds (Underlying Funds). Under normal market conditions, the sub-advisor will strive to maintain a long-term strategic asset allocation of equity (approximately 50%) and fixed income (approximately 50%) securities. The portfolio asset mix may be reconstituted and rebalanced from time to time at the discretion of the sub-advisor. The portfolios of the Underlying Funds are expected to consist of index funds that provide exposure to broad-based equity market.