VANGUARD INDEX FDS

Ticker: VOO CUSIP: 922908363 Class: Exchange Traded Fund

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

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

Q1 2017
Shares 76,877 Value ($000) $16,632 Avg Close — Range —
Q4 2016
Shares 82,944 Value ($000) $17,029 Avg Close — Range —
Q3 2016
Shares 166,409 Value ($000) $33,064 Avg Close — Range —
Q2 2016
Shares 177,211 Value ($000) $34,063 Avg Close — Range —
Q1 2016
Shares 177,211 Value ($000) $33,415 Avg Close — Range —
Q4 2015
Shares 160,920 Value ($000) $30,081 Avg Close — Range —
Q3 2015
Shares 160,920 Value ($000) $28,275 Avg Close — Range —
Q2 2015
Shares 143,081 Value ($000) $27,019 Avg Close — Range —
Q1 2015
Shares 138,984 Value ($000) $26,296 Avg Close — Range —
Q4 2014
Shares 24,900 Value ($000) $4,692 Avg Close — Range —