Vanguard Balanced ETF Portfolio

Vanguard Balanced ETF Portfolio (the ETF) seeks to provide long-term capital growth with a moderate level of income. 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 60%) and fixed income (approximately 40%) 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 and fixed income markets.