VANGUARD TAX-MANAGED FDS

Ticker: VEA CUSIP: 921943858 Class: Exchange Traded Fund

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

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

Q1 2017
Shares 277,986 Value ($000) $10,925 Avg Close — Range —
Q4 2016
Shares 283,924 Value ($000) $10,375 Avg Close — Range —
Q3 2016
Shares 572,114 Value ($000) $21,403 Avg Close — Range —
Q2 2016
Shares 578,123 Value ($000) $20,442 Avg Close — Range —
Q1 2016
Shares 578,123 Value ($000) $20,731 Avg Close — Range —
Q4 2015
Shares 520,252 Value ($000) $19,104 Avg Close — Range —
Q3 2015
Shares 520,252 Value ($000) $18,542 Avg Close — Range —
Q2 2015
Shares 439,145 Value ($000) $17,412 Avg Close — Range —
Q1 2015
Shares 439,145 Value ($000) $17,491 Avg Close — Range —