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While the company consumes this energy, the emissions occur at the power plants or","page_number":4,"box":{"x":39,"y":464,"width":820,"height":9}},{"id":"d0e7c621-5c83-47e1-ad86-57cbf5b448b9","block_type":"box","text":"facilities where the energy is generated.","page_number":4,"box":{"x":39,"y":477,"width":258,"height":8}},{"id":"8ecd9966-37c8-42fe-bff6-3be066bd9799","block_type":"box","text":"Weighted average carbon intensity (WACI)","page_number":4,"box":{"x":304,"y":477,"width":282,"height":8}},{"id":"73b6edf7-9ad9-40cf-b59d-ff808932b99b","block_type":"box","text":"is calculated by summing the product of each","page_number":4,"box":{"x":592,"y":477,"width":294,"height":8}},{"id":"8ae5525f-399d-421e-9107-ca1617787510","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":4,"box":{"x":39,"y":489,"width":870,"height":9}},{"id":"29fcf03b-20bc-4c15-943f-95aa3cc81444","block_type":"box","text":"Scopes 1 & 2 emissions by its revenue), expressed in tCO2e per $1 million in revenue.","page_number":4,"box":{"x":39,"y":500,"width":541,"height":10}},{"id":"86cf3135-788e-44df-9bdc-e196d2e476cc","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":4,"box":{"x":39,"y":525,"width":845,"height":9}},{"id":"7335718f-c9fb-467c-8f8a-0fc41ca588d4","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":4,"box":{"x":39,"y":537,"width":849,"height":9}},{"id":"11e8525f-7e46-43fb-8006-ba45d26f662e","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":4,"box":{"x":39,"y":549,"width":865,"height":9}},{"id":"792d7799-157d-443b-827d-1d14dabef80d","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":4,"box":{"x":39,"y":561,"width":874,"height":9}},{"id":"7e83e553-b04d-4656-84e4-5f6b9dbcc2fa","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":4,"box":{"x":39,"y":573,"width":834,"height":9}},{"id":"3d14ae50-bdc4-4c0b-84fc-7e12a1ef1457","block_type":"box","text":"rather than due to changes to the emissions profile of companies.","page_number":4,"box":{"x":39,"y":586,"width":427,"height":8}},{"id":"29bf2f00-ce6b-4694-be06-b4eb87533632","block_type":"box","text":"4 Certain information © 2025 MSCI ESG Research LLC. Reproduced by permission. These metrics were developed using information","page_number":4,"box":{"x":39,"y":610,"width":858,"height":9}},{"id":"65f65b7d-5077-4483-8b38-1f7895d9f6d2","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":4,"box":{"x":39,"y":622,"width":809,"height":9}},{"id":"19e84295-9938-4a15-ab43-321c51addadb","block_type":"box","text":"information providers including without limitation, MSCI ESG Research LLC and its affiliates (each of the aforementioned parties","page_number":4,"box":{"x":39,"y":634,"width":844,"height":9}},{"id":"882ef03c-baf1-4425-9b61-7822c2172241","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":4,"box":{"x":39,"y":646,"width":878,"height":9}},{"id":"aa3efec5-788f-4a09-af9c-933eeefd79af","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":4,"box":{"x":39,"y":658,"width":805,"height":9}},{"id":"bc34f0df-0f3f-43b3-9ca2-cf8102193770","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":4,"box":{"x":39,"y":670,"width":871,"height":9}},{"id":"771f6beb-2335-485e-adc5-d505767f7426","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":4,"box":{"x":39,"y":682,"width":826,"height":9}},{"id":"59768798-219d-4f48-b4ae-16b814672b21","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":4,"box":{"x":39,"y":695,"width":877,"height":8}},{"id":"d68347fa-a2fe-45fa-9db7-f032de3456ce","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":4,"box":{"x":39,"y":707,"width":874,"height":8}},{"id":"9cf0a2d7-f29b-4d82-b243-38f2c9614535","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":4,"box":{"x":39,"y":719,"width":834,"height":9}},{"id":"36b02da5-15cb-440f-89a8-8dc63db85a84","block_type":"box","text":"notified of the possibility of such damages.","page_number":4,"box":{"x":39,"y":731,"width":278,"height":9}},{"id":"d87bdd3b-b0eb-4077-8891-ca6783a9cf1f","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":5,"box":{"x":39,"y":968,"width":641,"height":7}},{"id":"d13be1c1-2633-4802-b48d-25e31bcf4f1b","block_type":"box","text":"E017EN_092026","page_number":5,"box":{"x":873,"y":967,"width":70,"height":6}},{"id":"517816ff-c8c9-4620-a4b3-dc42560b68d1","block_type":"box","text":"© 2026 Vanguard Asset Management, Limited. All rights reserved.","page_number":5,"box":{"x":39,"y":978,"width":332,"height":8}},{"id":"c701f346-994c-4d05-8a61-4bf4307b6912","block_type":"box","text":"For more information contact your local sales team or:","page_number":5,"box":{"x":39,"y":323,"width":348,"height":9}},{"id":"61b5cabc-4b2e-48fa-bf55-6d262d1c2a23","block_type":"box","text":"Web: http://global.vanguard.com","page_number":5,"box":{"x":38,"y":335,"width":169,"height":8}},{"id":"14da7f3b-ac02-4baa-b6b5-1651010d63db","block_type":"box","text":"Transfer agent (Europe): Tel.","page_number":5,"box":{"x":38,"y":346,"width":144,"height":7}},{"id":"0de1cef4-d2c0-4f66-b2c3-57955a357ceb","block_type":"box","text":"00 353 1241 7144","page_number":5,"box":{"x":189,"y":346,"width":83,"height":6}},{"id":"1815e9f7-d27e-4d93-bf07-d381f4d38aa9","block_type":"box","text":"Adviser support: Tel. 0800 917 5508","page_number":5,"box":{"x":38,"y":356,"width":182,"height":8}},{"id":"ab8a8f12-8d8f-4d4d-a690-a5a6ecd52d7b","block_type":"box","text":"Adviser support email: enquiries@vanguard.co.uk","page_number":5,"box":{"x":38,"y":367,"width":246,"height":7}},{"id":"60cf6c4c-c173-4958-a192-ea479a4f0e0c","block_type":"box","text":"Non advised personal investor email: Personal_investor_enquiries@vanguard.co.uk","page_number":5,"box":{"x":39,"y":377,"width":409,"height":8}},{"id":"022a710b-2bde-4720-8138-fa64bb764767","block_type":"box","text":"Important information","page_number":5,"box":{"x":39,"y":396,"width":126,"height":8}},{"id":"b4a6b6c5-5383-4ade-bb0b-0d9def362a71","block_type":"box","text":"This is a marketing communication.","page_number":5,"box":{"x":38,"y":414,"width":198,"height":7}},{"id":"a76335cb-8113-4988-afb4-b714608ec5e3","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":5,"box":{"x":38,"y":431,"width":658,"height":8}},{"id":"a04a0351-c435-416b-8b7e-afd139b8c88c","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":5,"box":{"x":39,"y":448,"width":744,"height":8}},{"id":"a7f91bc7-ec32-471d-9d8f-663541b82e35","block_type":"box","text":"al investment decisions. 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The","page_number":5,"box":{"x":759,"y":495,"width":188,"height":7}},{"id":"ccfa32d3-4f5a-4e7a-b19f-2ad4f7ea087c","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":5,"box":{"x":39,"y":504,"width":733,"height":8}},{"id":"dfc58f64-36a2-460d-9693-f8098315d911","block_type":"box","text":"heir professional advisers on the","page_number":5,"box":{"x":773,"y":504,"width":160,"height":8}},{"id":"364627fe-1975-47b7-b6c9-84a3dc5035a8","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":5,"box":{"x":39,"y":513,"width":658,"height":8}},{"id":"72f3f330-415b-4a61-ad62-35d17cde14e8","block_type":"box","text":"The Authorised Corporate Director for Vanguard Investment Funds ICVC is Vanguard Investments UK, Limited. 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