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Legal disclaimers

General advice warning and details relevant to the Vanguard ETFs and Funds

Past performance is not an indication of future performance. In preparing our website content, individual circumstances, for example tax implications, have not been taken into account and it may, therefore, not be applicable to an individual's situation. Before making an investment decision, you should consider your circumstances and whether the information on our website is applicable to your situation. This website was prepared in good faith and we accept no liability for any errors or omissions.

Vanguard Investments Australia Ltd (ABN 72 072 881 086/ AFS License 227263) ("Vanguard") is the issuer of Vanguard ETFs. Vanguard is the issuer of the Prospectus on behalf of the US listed Exchange Traded Funds ("ETFs") described in the Prospectus. Vanguard has arranged for interests in the US ETFs to be made available to Australian investors via CHESS Depositary Interests that are quoted on the AQUA market of the Australian Securities Exchange ("ASX").

Vanguard ETFs will only be issued to Authorised Participants, that is persons who have entered into an Authorised Participant Agreement with Vanguard ("Eligible Investors"). Retail investors can transact in Vanguard ETFs through a stockbroker or financial adviser on the secondary market. Investors should consider the Prospectus and Product Disclosure Statement (PDS) in deciding whether to acquire Vanguard ETFs. Retail investors can only use the Prospectus and PDS for informational purposes only. You can access the Prospectus and PDS at vanguard.com.au.

This information is intended for investors in Australia only. Information regarding the US registered products does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so.

Vanguard is not offering the ETFs in the United States and this document does not constitute an offer or an invitation to apply for or acquire any interests in the ETFs in the United States. The information contained in this document is not intended for US persons as defined in Regulation S under the US Securities Act.

The funds or securities referred to in this document are not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. For any such funds or securities, the PDS, prospectus or the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with The Vanguard Group and any related funds.

Bloomberg Finance L.P. and its affiliates (collectively, .Bloomberg.) are not affiliated with Vanguard and do not approve, endorse, review, or recommend the fund(s). BLOOMBERG and the Index are trademarks or service marks of Bloomberg and have been licensed to Vanguard. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index.

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. "FTSE®", "Russell®", "MTS®", "FTSE TMX®" 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. "ASFA™" is a trade mark of The Association of Superannuation Funds of Australia ("ASFA"). All rights in and to the FTSE ASFA Australia Index Series (the "Index") vest in FTSE. 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 their 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 Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put.

The index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by Vanguard. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); S&P® and S&P 500® are trademarks of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard product(s) 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 index.

The funds are not sponsored, endorsed, sold or promoted by Barclays Capital Inc. or its affiliates ("Barclays"). Barclays does not make any representation regarding the advisability of investing in the funds or the advisability of investing in securities generally. Barclays' only relationship with Vanguard is the licensing of the Index which is determined, composed and calculated by Barclays without regard to Vanguard or the funds. Barclays has no obligation to take the needs of Vanguard or the owners of the funds into consideration in determining, composing or calculating the Index. Barclays has no obligation or liability in connection with administration, marketing or trading of the funds.