TSX:VCNS (Vanguard Conservative ETF Portfolio)

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