VANGUARD EQUITY INCOME FUND ADMIRAL SHARES

Ticker: VEIRX CUSIP: 921921300 Class: EQTY INCM ADML

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

Note: Option positions (PUT/CALL) are excluded.

Q4 2016
Shares 3,237 Value ($000) $221 Avg Close — Range —
Q3 2016
Shares 3,294 Value ($000) $219 Avg Close — Range —
Q2 2016
Shares 3,398 Value ($000) $224 Avg Close — Range —
Q1 2016
Shares 3,651 Value ($000) $233 Avg Close — Range —
Q4 2015
Shares 3,846 Value ($000) $238 Avg Close — Range —
Q3 2015
Shares 3,889 Value ($000) $235 Avg Close — Range —
Q2 2015
Shares 3,956 Value ($000) $254 Avg Close — Range —
Q1 2015
Shares 3,947 Value ($000) $256 Avg Close — Range —
Q4 2014
Shares 3,938 Value ($000) $258 Avg Close — Range —
Q3 2014
Shares 3,884 Value ($000) $254 Avg Close — Range —
Q2 2014
Shares 4,176 Value ($000) $277 Avg Close — Range —
Q1 2014
Shares 4,379 Value ($000) $277 Avg Close — Range —
Q4 2013
Shares 4,379 Value ($000) $273 Avg Close — Range —
Q2 2013
Shares 4,328 Value ($000) $249 Avg Close — Range —