ULTIMATE SOFTWARE GROUP INC

CUSIP: 90385D107 Class: COM

ARCADIA INVESTMENT MANAGEMENT CORP/MI's Holding History (CIK: 0001016972)

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

Q1 2017
Shares 123 Value ($000) $24 Avg Close — Range —
Q3 2016
Shares 217 Value ($000) $44 Avg Close — Range —
Q2 2016
Shares 217 Value ($000) $46 Avg Close — Range —