ALLIANCE DATA SYSTEMS CORP

Ticker: BFH CUSIP: 018581108 Class: Common Stock

Carmignac Gestion's Holding History (CIK: 0001569758)

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

Q4 2015

Shares 974,235 Value ($000) $269,444 Avg Close $195.34 Range $176.62 - $209.37

Q3 2015

Shares 973,835 Value ($000) $252,204 Avg Close $186.69 Range $166.74 - $212.15

Q2 2015

Shares 977,235 Value ($000) $285,294 Avg Close $206.58 Range $199.46 - $215.06

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	974,235	$269,444	$195.34	$176.62 - $209.37
Q3 2015	973,835	$252,204	$186.69	$166.74 - $212.15
Q2 2015	977,235	$285,294	$206.58	$199.46 - $215.06