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While the company consumes this energy, the emissions occur at the power plants or","page_number":5,"box":{"x":39,"y":625,"width":820,"height":9}},{"id":"b99b9adb-37d5-4942-84fb-4bec29f309f3","block_type":"box","text":"facilities where the energy is generated.","page_number":5,"box":{"x":39,"y":637,"width":258,"height":9}},{"id":"8693f6d9-aad4-4670-a03a-bc839f8c5a73","block_type":"box","text":"Weighted average carbon intensity (WACI)","page_number":5,"box":{"x":304,"y":637,"width":282,"height":9}},{"id":"c05b5b99-7e5a-4392-8d6a-df4a46bce995","block_type":"box","text":"is calculated by summing the product of each","page_number":5,"box":{"x":592,"y":637,"width":294,"height":9}},{"id":"a92649d9-9171-49d8-9a57-7d6de2dd21f4","block_type":"box","text":"investee company's weight in the portfolio with that investee company's carbon intensity (derived by dividing the investee company's","page_number":5,"box":{"x":39,"y":649,"width":870,"height":9}},{"id":"3e5a4701-c785-454e-a086-ecb1a112c880","block_type":"box","text":"Scopes 1 & 2 emissions by its revenue), expressed in tCO2e per $1 million in revenue.","page_number":5,"box":{"x":39,"y":660,"width":541,"height":10}},{"id":"b8fe4d79-32b4-40c8-86fe-042a4a861b3b","block_type":"box","text":"3 Coverage is defined as the percentage of eligible securities within our funds and benchmarks for which we have obtained carbon","page_number":5,"box":{"x":39,"y":685,"width":845,"height":9}},{"id":"74746cdc-2bd9-46b8-b7ac-49fd9f7a5467","block_type":"box","text":"data. Eligible securities include shares in public equity and corporate bonds. Metrics are rescaled based on data coverage to ensure","page_number":5,"box":{"x":39,"y":698,"width":849,"height":8}},{"id":"57ce323e-4627-48e6-9697-6d96d4c214e5","block_type":"box","text":"comparability to benchmark. The development of carbon metrics is in early stages resulting in challenges in interpreting the data and","page_number":5,"box":{"x":39,"y":710,"width":865,"height":8}},{"id":"df675aab-a2ef-4304-b1be-8f8174ade8fd","block_type":"box","text":"using it as a basis for investment decision making. For example, the metrics are backward looking and do not recognise future plans to","page_number":5,"box":{"x":39,"y":722,"width":874,"height":9}},{"id":"8ca1cbc6-ffdf-4b6c-b046-b439b95061ca","block_type":"box","text":"reduce emissions. Carbon metrics may also vary due to being normalized by financial metrics that are prone to market volatility,","page_number":5,"box":{"x":39,"y":734,"width":834,"height":9}},{"id":"37c77d98-e3f4-4ba8-9776-0885de125362","block_type":"box","text":"rather than due to changes to the emissions profile of companies.","page_number":5,"box":{"x":39,"y":746,"width":427,"height":9}},{"id":"49abfed7-a788-47aa-99b7-756dc85e8da1","block_type":"box","text":"4 Certain information © 2025 MSCI ESG Research LLC. Reproduced by permission. These metrics were developed using information","page_number":5,"box":{"x":39,"y":770,"width":858,"height":9}},{"id":"0a3de295-c991-434f-97ed-f8af6687369a","block_type":"box","text":"from MSCI ESG Research LLC or its affiliates or information providers. Although the Vanguard Group, Inc.’s and Vanguard’s","page_number":5,"box":{"x":39,"y":782,"width":809,"height":9}},{"id":"58303c9e-e80c-4ab0-942d-7ee16bc011d9","block_type":"box","text":"information providers including without limitation, MSCI ESG Research LLC and its affiliates (each of the aforementioned parties","page_number":5,"box":{"x":39,"y":794,"width":844,"height":9}},{"id":"e4344185-d76e-410d-beed-31cdaf7fb33f","block_type":"box","text":"being the “ESG Parties”), obtain information (the “Information”) from sources they consider reliable, none of the ESG Parties warrants","page_number":5,"box":{"x":39,"y":806,"width":878,"height":9}},{"id":"f8426ab2-d617-4c26-adf5-02615699b715","block_type":"box","text":"or guarantees the originality, accuracy and/or completeness, of any data herein and expressly disclaim all express or implied","page_number":5,"box":{"x":39,"y":818,"width":805,"height":9}},{"id":"46246ed6-1bc7-4799-bb99-d70e299236c9","block_type":"box","text":"warranties, including those of merchantability and fitness for a particular purpose. The Information may only be used for your internal","page_number":5,"box":{"x":39,"y":831,"width":871,"height":9}},{"id":"2dd0bc9f-6b81-41e9-aaf0-c61885da2767","block_type":"box","text":"use, may not be reproduced or redisseminated in any form and may not be used as a basis for, or a component of, any financial","page_number":5,"box":{"x":39,"y":843,"width":826,"height":9}},{"id":"930b064f-b877-4864-a4ac-b46a4ddfa247","block_type":"box","text":"instruments or products or indices. Further, none of the Information can in and of itself be used to determine which securities to buy or","page_number":5,"box":{"x":39,"y":855,"width":877,"height":9}},{"id":"eb4cc697-2cea-464a-bffc-385d31cbe758","block_type":"box","text":"sell or when to buy or sell them. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data","page_number":5,"box":{"x":39,"y":867,"width":874,"height":9}},{"id":"9ba5d3cf-4f37-45ac-8ae7-084341d53130","block_type":"box","text":"herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if","page_number":5,"box":{"x":39,"y":879,"width":834,"height":9}},{"id":"2e0c52df-feec-44a0-b155-7d4c531d9173","block_type":"box","text":"notified of the possibility of such damages.","page_number":5,"box":{"x":39,"y":891,"width":278,"height":9}},{"id":"1840035a-ccef-481f-938f-bd6363bd64c5","block_type":"box","text":"Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority.","page_number":6,"box":{"x":42,"y":968,"width":640,"height":7}},{"id":"49a7c471-d86d-4dd6-97a1-357a5e9f13df","block_type":"box","text":"E014EN_092026","page_number":6,"box":{"x":895,"y":967,"width":71,"height":6}},{"id":"7f635c90-80bd-4418-ac4a-37f06d6bcea6","block_type":"box","text":"© 2026 Vanguard Asset Management, Limited. All rights reserved.","page_number":6,"box":{"x":41,"y":978,"width":333,"height":8}},{"id":"58ff36b4-c823-4f7c-a9f2-ef39638cd1cf","block_type":"box","text":"For more information contact your local sales team or:","page_number":6,"box":{"x":39,"y":328,"width":348,"height":9}},{"id":"e635ea79-8e76-46ce-9bb7-606a862ed58b","block_type":"box","text":"Web: http://global.vanguard.com","page_number":6,"box":{"x":38,"y":339,"width":169,"height":8}},{"id":"4d25c48a-1ee6-4f0d-9f86-90cbc5714da0","block_type":"box","text":"Transfer agent (Europe): Tel.","page_number":6,"box":{"x":38,"y":350,"width":144,"height":8}},{"id":"293cce12-a571-4663-93fb-2eefcc12a881","block_type":"box","text":"00 353 1241 7144","page_number":6,"box":{"x":189,"y":350,"width":83,"height":6}},{"id":"d7ef7db5-9a06-468a-b827-aae59e1ab085","block_type":"box","text":"Adviser support: Tel. 0800 917 5508","page_number":6,"box":{"x":38,"y":361,"width":182,"height":7}},{"id":"b1bfb198-c01b-47dd-bc91-c16d876814da","block_type":"box","text":"Adviser support email: enquiries@vanguard.co.uk","page_number":6,"box":{"x":38,"y":371,"width":246,"height":8}},{"id":"3b392e31-b29b-4c8f-bedf-63eed11c2476","block_type":"box","text":"Non advised personal investor email: Personal_investor_enquiries@vanguard.co.uk","page_number":6,"box":{"x":39,"y":382,"width":409,"height":8}},{"id":"6e57887f-1e7a-4994-b18c-0c897bac0633","block_type":"box","text":"Important information","page_number":6,"box":{"x":39,"y":401,"width":126,"height":8}},{"id":"a1e18aea-8ef8-4100-995a-1651a01bd122","block_type":"box","text":"This is a marketing communication.","page_number":6,"box":{"x":38,"y":418,"width":198,"height":8}},{"id":"98cba2ca-e88d-4785-9755-9eefeb17d04b","block_type":"box","text":"This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.","page_number":6,"box":{"x":38,"y":436,"width":658,"height":7}},{"id":"ec282e71-bc38-4e23-a76e-1605e5fb3647","block_type":"box","text":"For further information on the fund's investment policies and risks, please refer to the prospectus of the UCITS and to the KIID before making any fin","page_number":6,"box":{"x":39,"y":453,"width":744,"height":8}},{"id":"f5dec3f8-ade8-4435-8b04-5c70003d06f2","block_type":"box","text":"al investment decisions. 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The","page_number":6,"box":{"x":759,"y":499,"width":188,"height":8}},{"id":"ff86d2c8-e13f-43b2-812b-97a499bc04c0","block_type":"box","text":"information in this document is general in nature and does not constitute legal, tax, or investment advice. Potential investors are urged to consult t","page_number":6,"box":{"x":39,"y":509,"width":733,"height":7}},{"id":"052410fb-5331-45d5-b876-f23a7667428d","block_type":"box","text":"heir professional advisers on the","page_number":6,"box":{"x":773,"y":509,"width":160,"height":7}},{"id":"6623061c-2cc0-404f-a6e4-7244e900c87f","block_type":"box","text":"implications of making an investment in, holding or disposing of \"units/shares\", and the receipt of distribution from any investment.","page_number":6,"box":{"x":39,"y":518,"width":658,"height":8}},{"id":"0fecdc03-5c2d-4b69-a049-6a959cca9bfc","block_type":"box","text":"The Authorised Corporate Director for Vanguard Investment Funds ICVC is Vanguard Investments UK, Limited. 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FTSE Russell is a trading name of","page_number":6,"box":{"x":39,"y":578,"width":705,"height":8}},{"id":"76ef429d-e8fa-454d-a76e-8082570987b5","block_type":"box","text":"certain of the LSE Group companies. e.g.,","page_number":6,"box":{"x":748,"y":578,"width":205,"height":8}},{"id":"69d17b06-6f4b-42af-a849-80fcc398c18e","block_type":"box","text":"“FTSE®” “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” is/ar","page_number":6,"box":{"x":39,"y":587,"width":468,"height":8}},{"id":"c51cb625-4c3c-4eae-bef8-af7f36cc8b3e","block_type":"box","text":"e a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE","page_number":6,"box":{"x":508,"y":587,"width":444,"height":8}},{"id":"974198df-aa68-40de-80c7-adfcf69ec988","block_type":"box","text":"Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. 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