Vanguard International Value Inv

Michael G. Fry, a Managing Director of Lazard Asset Management, is a portfolio manager/analyst on various of the Investment Manager’s International Equity teams. Prior to joining Lazard Asset Management in 2005, Mr. Fry held several positions at UBS Global Asset Management, including Head of Global Equity Portfolio Management, Global Head of Equity Research and Head of Australian Equities. Mr. Fry began working in the investment field in 1981.

Michael Bennett is a Managing Director of Lazard and a portfolio manager for various of Lazard's international and global equity teams. He began working in the investment field in 1987. Prior to joining Lazard in 1992, Mr. Bennett served as an international equity analyst with General Electric Investment Corporation. Previously he was with Keith Lippert Associates and Arthur Andersen & Company. He has an MBA from University of Chicago and a BS in Accounting from New York University.

A. Rama Krishna, CFA, Founder and Chief Investment Officer of ARGA Investment Management, LP. He has worked in investment management since 1987, has been with ARGA since 2010. Rama was previously President, International of Pzena Investment Management, Inc. (NYSE:PZN) and Managing Principal, Member of Executive Committee, and Portfolio Manager of its operating company in New York. He led the development of the firm's International Value and Global Value strategies and co-managed the Emerging Markets Value strategy, in addition to managing the US Large Cap Value strategy in his early years at Pzena. Prior to joining Pzena in 2003, he was at Citigroup Asset Management, where he was Chief Investment Officer and Head — Institutional and International, and represented the asset management business on the Citigroup Management Committee. He also directly managed the Global Emerging Markets Equity strategy. Prior to Citigroup, he was Director of International Equity Research, Portfolio Manager, International Equities and Chief Investment Officer, Emerging Markets Equities at AllianceBernstein in New York, London and Tokyo. He has also worked at Credit Suisse First Boston, first as an Equity Research Analyst and ultimately as Chief Investment Strategist and Director — Equity Research, in New York, Tokyo and Singapore. Mr. Krishna earned a joint M.B.A./M.A. in Asian Studies with a Japan Specialization from the University of Michigan in 1987 and a B.A. (Honors) in Economics from St. Stephen’s College, The University of Delhi in 1984. Mr. Krishna received the Prize Fellowship in Japanese Business and the University Fellowship at the University of Michigan as well as the Middlebury College Scholarship. He was on the MSCI Editorial Advisory Board and is a Chartered Financial Analyst.

Mr. Morrow was formerly Portfolio Manager - Global Proprietary Trading, Bank of America Merrill Lynch. While there, Mr. Morrow oversaw Global Consumer and Transportation investments within the group. Prior to joining Bank of America Merrill Lynch in 2009, Mr. Morrow was a Partner and Portfolio Manager at Cumberland Associates, LLC. At Cumberland, Mr. Morrow was the lead manager for long/short investments in the Consumer and Transportation sectors. Before joining Cumberland in 2002, Mr. Morrow was Managing Director, Portfolio Manager/Equity Research Analyst at Citigroup Asset Management. Mr. Morrow also worked as an Equity Research Analyst at Dreyfus Corporation. Prior to entering the investment profession, Mr. Morrow played Professional Hockey with the Philadelphia Flyers organization. Mr. Morrow graduated with an M.B.A. from Cornell University in 1998 and a B.S. in Business Administration from the University of New Hampshire in 1993.